Sallie Mae Bank is a financial institution affiliated with Sallie Mae, the company widely known for its student loan business. The SLM Corporation (the formal name for Sallie Mae) is a publicly traded (NASDAQ: SLM) education finance corporation with a plethora of divisions and subsidiaries that offer an array of debt management services and business products. Sallie Mae Bank is a recent venture by the company into the retail banking space.
The bank offers three different types of savings products on its personal banking side, including Money Market and savings accounts, and Certificates of Deposit (CDs). DepositAccounts.com has featured Sallie Mae’s Money Market account in the past for its competitive rate offering, and it is still usually one of the top offerings in the country. The MMA comes with check writing capabilities and has no minimum balance requirement, no monthly fees, and no tiered interest rates. The savings account offering is very similar, having no monthly fees or minimum balance requirements, as well as a comparable interest rate. The main difference between Sallie Mae’s Money Market and savings account is that the savings account offers a 10% annual match on Upromise rewards, whereas the Money Market account comes with check writing but no rewards. The bank’s CDs are available in 12-, 36-, and 60-month term lengths and come with fixed rates and minimum initial deposit requirements. Sallie Mae Bank also makes undergraduate and graduate student loans available, as well as family loans for kids in K-12 grades.
Sallie Mae Bank online banking provides the only way for customers to access their deposit accounts, as the bank has no physical branches. The web-based platform gives account holders the ability to perform functions like direct deposit, bill pay, and funds transfers, but because the bank doesn’t offer a checking account to the public, customers should be careful to avoid going over the six transactions per month limit.
Sallie Mae Bank is a subsidiary of the SLM Corporation, which was created in 1972 as a government-partnered mutual loan entity. In 2004, the company permanent severed ties with the U.S. government and became a private sector company. A year later, in 2005, the bank was started in order to complement its loan business. In the summer of 2013, Sallie Mae announced that it was going to divide its education loan management business from its banking business in order to offer more consumer lending products on its banking side. Sallie Mae Bank is currently headquartered in Murray, Utah, and maintains it customers’ deposit accounts through its online banking system.
Had a CD that matured on a Friday. Called them about one week before maturity and requested the funds to be transferred to my external linked account upon maturity. Sallie Mae closed the account on that Friday and the money appeared in my linked account on Monday. I really can't ask for better. Perhaps they have cleaned up their act from a while ago when there were lots of negative experiences/reviews.
I have had a money market account with Sallie Mae for several years. In the past I had no problems adding it as an externally linked account at several other banks.
However I was recently unable to link my Sallie Mae account to either Live Oak bank or Barclays bank. In both cases the test deposits never appeared in my Sallie Mae account.
I would not trust using this bank for ACH links via other institutions until Sallie Mae fixes these problems.
Sallie Mae closed my account for (what they call) "suspicious activity" three weeks ago. They won't tell me what this "suspicious activity" was supposed to be, they won't tell me when I will get my money back... they won't even tell me what the closing balance of my account was (so I can figure out whether my account was hacked). I've been in a constant state of panic for three weeks because I don't know if I'll ever see my money again.
To be clear, I'm a college professor, excellent credit, above-average financial wealth, I haven't even had a traffic ticket in 15 years. I'm not some shady character. The only thing I ever did with my Sallie Mae account was put money in it, and they won't give me any answers about where my money is or when I'll get it back. So if you think "Oh, this couldn't happen to me," IT COULD EASILY HAPPEN TO YOU. Do not run the risk, it isn't worth it.
|FDIC Certificate #||58177|
|Return on Assets - YTD||4.1%|
|Return on Equity - YTD||50.11%|
|Annual Interest Income||$1.79B|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$29.22B$30.81B|
|Loans||Q4 2021vs Q4 2020||$20.36B$22.09B|
|Deposits||Q4 2021vs Q4 2020||$21.40B$23.20B|
|Equity Capital||Q4 2021vs Q4 2020||$2.46B$2.65B|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$1.17B$1.36B|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$80.1MM$100.9MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$0$0|
Rates for Sallie Mae Bank are currently being reviewed.
Sallie Mae Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 175 S West Temple - Salt Lake City, UT 84101