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888-272-5543
175 S W. Temple, Suite 600
Salt Lake City, UT 84101

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.

Related Posts

SallieMae Bank Adds New Upromise GoalSaver Account - 6/21/2016

SallieMae Bank has added a Upromise GoalSaver (0.85% APY), as part of its Upromise Rewards program. Available to all U.S. citizens and residents of legal age.

Sallie Mae Bank Offers Money Market Promo Rate - 5/2/2016

Sallie Mae Bank has a Money Market Promo rate of 1.19% APY for the first 6 months. The rate reverts to the current non-promotional rate after 6 months. No balance cap.

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Sallie Mae Bank - No Problems / No Worries

I have been with Sallie Mae Bank for over two yeas now.  I have had no problems with their bank, or policies.  I have used them for Savings & CD's, and am currently thinking about opening up a Money Market Account.   On the rare occasion when I phoned their customer service I was taken care quickly & politely. 

 No Problems / No Worries here!

 

Diagnosed With Cancer

I went through a really trying time when I was diagnosed with a genetic cancer at the age of 32. I was very ill and my income went from over $100,000 dollars per year to disability income. Sallie Mae was awesome! The customer service representatives did everything they could to help me straighten out my financial situation. They helped me figure out how to take care of my hospital bills, automatic debits, and I even got assistance with my student loan. They made it easy for me to work out my financial issues and continue online banking with them. I expected to reach a rude rep who didn't care what I was going through and instead I got someone who went out of their way for me. So, I won't be changing online banks anytime soon.

CD App In Progress...Appreciate Replies

Posted by: analog670 | Mar 7, 2016

I found the Sallie Mae terms very well written and to me it all made perfect sense. They are 180 days EWP and 2.10% on the 5 yr CD. I really want this CD.
Started the application, and got a screen of death. I called and the nice rep told me they couldn't find my drivers license and one other ID document. Luckily, they told me to email images to their security email. He said jpeg images are just fine. I snapped a perfectly clear image of the 2 documents and emailed it. They said the dreaded 1-3 day limbo fret and wait thing.
I followed up at close that day, and the 2nd rep told me that once Sallie Mae security looked at the email. That Sallie Mae would send me the keys and I could finish the CD application online.

Only if Sallie Mae security screws up will I lose out on the CD. Does anyone know if Sallie Mae will indeed get to the security email to fix the screen of death?

Student Loans

Please do not use this bank. We had one issue on our credit report so we call and spoke with a CSR and told her what is was, She stated that they look at the overall credit report and it should not have a impact on the loan. So I went ahead and applied and it was not approved for this reason, So if you do not have perfect credit do not apply at this bank. It will cost you points on your score and CSR will not tell you this.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #58177
Year Established2005
Employees1253
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.55%
Return on Equity - YTD13.57%
Annual Interest Income$776.5MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$17.51B$14.26B
LoansQ3 2016vs Q3 2015$14.76B$11.91B
DepositsQ3 2016vs Q3 2015$13.51B$11.14B
Equity CapitalQ3 2016vs Q3 2015$1.90B$1.62B
Loan Loss AllowanceQ3 2016vs Q3 2015$164.8MM$104.2MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$31.6MM$20.4MM
Real Estate OwnedQ3 2016vs Q3 2015$0$0
Rates
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Sallie Mae Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%--Upromise GoalSaver Account

Sallie Mae Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.90%--Money Market

Sallie Mae Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.80%$2,500-60 Month CD
1.60%$2,500-36 Month CD
1.25%$2,500-12 Month CD
Locations

Sallie Mae Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 175 S W. Temple, Suite 600 - Salt Lake City, UT 84101