Banks | Sallie Mae Bank

Sallie Mae Bank

For information concerning Sallie Mae Bank online bank, please click here.

Sallie Mae Bank is an FDIC insured institution headquartered at 175 S West Temple, Salt Lake City, UT 84101.
It was founded in 2005 and has approximately $29 billion in assets. Customers can open an account at one of its 1 branches.

Deposit Rates - November 19, 2024

SAVINGS RATES APY MIN
SAV
4.10% $0 Compare
SAV
4.20% $1 Compare
CD RATES APY MIN
6 Mo CD
3.95% $2,500 Compare
9 Mo CD
4.00% $2,500 Compare
12 Mo CD
4.10% $2,500 Compare
15 Mo CD
3.95% $2,500 Compare
18 Mo CD
3.85% $2,500 Compare
24 Mo CD
3.75% $2,500 Compare
36 Mo CD
3.60% $2,500 Compare
60 Mo CD
3.75% $2,500 Compare
MM RATES APY MIN
Money Market
4.20% $0 Compare

Overview 2024

General Bank Information

FDIC Insured Yes
FDIC Certificate # 58177
Date Established 2005
Assets $ 28.73 billion
Loans $ 18.97 billion
Deposits $ 21.07 billion
Capital $ 2.83 billion

Summary Balance Sheet as of March 31, 2024

ASSETS
Cash & Balances due from depository institutions $ 5.40 billion
Interest-bearing balances $ 5.36 billion
Total securities $ 2.28 billion
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 18.97 billion
Loan loss allowance $ 1,269.65 million
Trading account assets $ 60.47 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 1,633.81 million
     Total Assets $ 25.90 billion

LIABILITIES
Total deposits $ 21.07 billion
      Interest-bearing deposits $ 21.02 billion
      Deposits held in domestic offices $ 21.07 billion
      % insured (estimated) 94.62%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.23 billion
Subordinated debt N.A.
All other liabilities $ 412.16 millionn
      Total Liabilities $ 25.90 billion
      Shareholders’ Equity $ 2.83 billion

Summary Income Statement as of March 31, 2024

INCOME AND EXPENSES
Total Interest Income $ 1,313.91 million
Total Interest Expense $ 531.78 million
Net interest income $ 782.13 million
Provision for loan and lease losses $ 28.91 million
Total non interest income $ 320.14 million
Total non interest expense $ 286.30 million
Pre-tax Net Operating Income $ 680.06 million

Customer Reviews for Sallie Mae Bank (3)

Rated 1.00 stars out of 5 - based on 3 reviews

  • Called and asked them to match rates offered through save better for a 15 year client since directly offered rates are no longer competitive. Received nasty response. My only regret now is that I need to call back to close account (cannot do it online).

  • It is ludicrous in this day and age to have an account where it takes so long to get your money. This may be Sallie's racket, but I am out.

  • Sallie Mae is offering a 10-month no penalty cd at 1.85% and a 14-month no penalty cd at 2.20 on something called save better. These are like cash rates since the can be withdrawn after 6 days with no penalty, but if you are an existing customer (like me, for over 10 years) you cannot take advantage of these. They aren't available through the regular website.

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