175 S West Temple
Salt Lake City, UT 84101
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Phone 800 472 5543
Reviewed by HAL1975 | August 2, 2023 |
Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
Sallie Mae Bank is an FDIC insured institution located in Salt Lake City, UT. It was founded in 2005 and has approximately $28.73 billion in assets.
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 |
For a more detailed analysis of Sallie Mae Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Your Current Location: Ohio, OH 43085
Savings and Money Market Rates | APY | MIN | MAX | |
---|---|---|---|---|
SmartyPig Account
|
4.10% | $0 | - |
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|
High-Yield Savings Account
|
4.10% | $1 | - |
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|
Money Market
|
4.10% | $0 | - |
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|
CD Rates | APY | MIN | MAX | |
---|---|---|---|---|
6 Month CD
|
3.95% | $2,500 | - |
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|
9 Month CD
|
4.00% | $2,500 | - |
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|
12 Month CD
|
4.10% | $2,500 | - |
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|
15 Month CD
|
3.95% | $2,500 | - |
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|
18 Month CD
|
3.85% | $2,500 | - |
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|
24 Month CD
|
3.75% | $2,500 | - |
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|
36-Month CD
|
3.60% | $2,500 | - |
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|
60 Month CD
|
3.75% | $2,500 | - |
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|
Sallie Mae Bank has raised its 1-year online CD rate to 2.85%. Their CDs have a $2,500 minimum and have a 3-month early withdrawal penalty should you need to withdraw your money before maturity.
Sallie Mae has raised its online money market rate from 2.20% to 2.30%.
Sallie Mae has dropped its money market rate from 2.30% to 2.20%. Its 1-Year CD had been attractive at 2.75%, but is now 2.65%.
Sallie Mae lowered all of its CD rates dramatically today. Their 6 month CD had been at 2.20% and now stands at 1.90%. All longer rates are now either 2.30% ro 2.35%. This marks a dramatic decline for a bank which had aimed to keep its rates competitive. We'd be very cautious about going out beyond 15 months at this point as it is unlikely Sallie can survive should Elizabeth Warren be elected President.
If you want a CD from Sallie, the rate is now 1.70% APY no matter what duration you choose.
The money market rate is now 1.50% APY.
Sallie Mae Bank has dropped its money market rate to 0.99% APY today. All of its CD rates for terms between 1-year and 5-year is now 0.95% APY.
Sallie has lowered is online money market rate by 10 basis points again.
The bank also modestly increased its CD offerings.
Sallie Mae Bank has raised its money market rate to 0.90%.
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Sallie Mae Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Lender | APR | Rate (%) | Monthly Payment |
Learn More |
---|---|---|---|---|
NMLS ID: 1835285 |
6.494% |
6.375% 0.75 points $4,000 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.863% |
6.750% 1.00 points $3,705 fees |
$2,076 | Learn More |
NMLS ID: 3030 |
7.325% |
7.250% 0.75 points $2,400 fees |
$2,183 | Learn More |
NMLS ID: Not a Lender |
points fees |
Learn More |
Lender | APR (%)? | Monthly Payment? | Learn More |
---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.240 %
After Intro: 7.240 % |
$0 |
Learn More
More Info |
Rate See Table |
Intro APR
7.900 %
After Intro: 7.900 % |
$25,000 |
Learn More
More Info |
Note to Sallie Mae Bank
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Sallie Mae Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Branch | Distance | Map | View Lobby Hours |
---|---|---|---|
1532.45 | A | View Lobby Hours |
Sallie Mae Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
or use your BestCashCow account
The following ratios and data are available to help you better understand the financial condition of Sallie Mae Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Sallie Mae Bank | U.S. Bank Average |
---|---|
4% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, Sallie Mae Bank had $164,131,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $2,834,685,000 in equity and $1,269,652,000 in loans loss reserves. That gives it a Texas Ratio of 4%.
Sallie Mae Bank | U.S. Bank Average |
---|---|
44.26% | 10.46% |
Sallie Mae Bank has a Return on Equity of 44.26% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Sallie Mae Bank | U.S. Bank Average |
---|---|
9.87% | 10.84% |
Sallie Mae Bank has a Capitalization of 9.87% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
As of June 30, 2024, Sallie Mae Bank had assets of $28,731,156,000, loans of $18,965,049,000, and deposits of $21,073,781,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
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 million |
Total Liabilities | $ 25.90 billion |
Shareholders’ Equity | $ 2.83 billion |
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 |
The top three loan types in Sallie Mae Bank’s loan portfolio are Credit Card Loans, Multifamily Mortgages, and 1-4 Family Residential Loans.
Compared to other banks, Sallie Mae Bank’s loan portfolio does not show any specific loan specialty.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
% Loans |
% Comparison to Other Banks |
|||
---|---|---|---|---|
Low | Med | High | ||
1-4 Family Residential Loans | 0.00 | ✓ | ||
Multifamily Mortgages |
0.07 | ✓ | ||
Credit Card Loans | 0.15 | ✓ | ||
Consumer Auto Loans | 0.00 | ✓ | ||
Small Business Loans | 0.00 | ✓ | ||
Construction and Development Loans | 0.00 | ✓ | ||
Commercial Real Estate | 0.00 | ✓ | ||
Commercial and Industrial Loans | 0.00 | ✓ | ||
Farm Loans | 0.00 | ✓ |
Customer Reviews for Sallie Mae Bank (45)
HAL1975
August 2, 2023 |
Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.
Is this review helpful? Yes:0 / No: 0
Dev1ldog
February 28, 2023 |
How often do people agree? When the overall rating is two stars, then this bank has to be terrible. Try finding multiple deposit accounts; try waiting on your deposit to post due to them floating your funds to and from an external account; the website is geared for transfers and loans, not you tracking your funds. The web designer was clueless in developing this system for users. If you are shaky in your computer knowledge or timid on transferring funds, this is not the bank for you. For peace of mind, you can do much better elsewhere. Again, check the star rating. Are they listening to their customers?
Is this review helpful? Yes:2 / No: 0
JC
February 10, 2023 |
They will now lock you out of your account until you contact them personally whenever you add an external bank that is not in their system. If it's a big name bank there's no problem but if it's not then prepare to be inconvenienced big time. To top it off you can't have more than 3 external banks. I closed my accounts due to this ridiculous new hoop to jump through.
Is this review helpful? Yes:3 / No: 0
Terri G
November 30, 2022 |
Sallie Mae managed to lose our $500,000 account and all the goodwill that had been built over 10 years plus as customers in one simple phone call. Their CSR began screaming at me when I inquired about a product that I saw advertised by something called Save Better. She said "We don't match Save Better. They set their own rates" and went on fuming over the inquiry. My husband and I were both aghast and now we're gone. You should be too.
Is this review helpful? Yes:3 / No: 0
Twilson
September 11, 2022 |
If I could leave a -10 star review I would do it in a. This is a classic example of a ridiculously unmanaged government program with zero oversight and zero sensibility.
In April 2022 I applied for a student loan for my sons flight school. I had a few credit cards and a couple of car notes on my credit report and had about a 740 credit rating.
I requested a loan in the amount of $113,000 and they wanted 8.75% interest rate on a 15 year loan. That was ridiculous as I haven’t had an interest rate that high since I was in college. I am now 54 I’ve had my home since 2006 never a late payment I have been employed by the same company for 21 years as a professional pilot. There are no negatives whatsoever on my credit report. I had to call them five different times because it took ten days when I reapplied for $100,000 loan and every single time I was on hold for a solid hour or more to get a human being that not once offered any sensible assistance.
I reapplied for a lesser amount given the horrific interest rate. I had since paid off three cars, all credit cards and I have zero short-term debt. I have a primary mortgage that is well within my means and a second mortgage on a rented rental home. I also have a boat payment that is more than half paid off . Those are the only three line items on my credit report and I have well over $150,000 available credit in credit cards. They all have a zero balance. I also show an 820+ credit rating on all three bureaus.
During one of my five phone calls the person on the telephone attempted to educate me on how credit scores are calculated. I really wish I had said, do you think with my credit rating that I don’t know how to use credit properly? I did not say that, I did ask her why on earth with my credit rating and my credit file how they now have come back with a 14.75% interest rate, the highest one they can charge.
She had no answer, only to try and educate me on credit scores and informed me that it was automatically done by the computer and there was nothing she could do, needless to say this is a broken system with zero oversight no accountability and no common sense.
They have you over a barrel when it comes to flight school training they are literally one of the only ones that will offer a student loan for this type of school.
If anyone out there thinks that Sallie Mae is a good option for any financing I would think again I would look long and hard to avoid dealing with these morons at any cost.
Is this review helpful? Yes:3 / No: 0
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