Sallie Mae Bank is known as a lender for students and education, but the bank also offers other services like deposit accounts, credit cards, and insurance to support the aim of making education affordable. The retail banking arm of Sallie Mae opened in 2005 and operates solely online, offering high interest rates on money market accounts, savings accounts and certificates of deposit. These accounts carry low fees to make saving affordable and help customers keep the interest their money earns. It offers convenient access online and through the Sallie Mae Bank mobile app, as well as customer support by phone. All deposits with Sallie Mae Bank are FDIC insured.
Sallie Mae Bank retail services focus on deposit accounts for saving. The options Sallie Mae Bank offers include a money market accounts high-yield savings account and certificates of deposit. Each of these carries rates above the national average and charges no monthly maintenance fees. Sallie Mae Bank high-yield savings accounts and money market accounts provide great returns without sacrificing liquidity. CD terms from Sallie Mae Bank range from 12 months to five years. These accounts also offer additional features aimed at helping customers save for educational costs.
Sallie Mae Bank (FDIC certificate 58177) was established in 2005 and operates online. Mr. Paul F. Thome, President & CEO of Sallie Mae Bank, leads a team of 1301 employees.
Sallie Mae Bank, headquartered in Salt Lake City, UT, is rated four stars for financial strength by BauerFinancial, Inc., the nation’s leading bank rating firm. As a general rule, a four star rating indicates, among other things, that this institution has at least 1½ times the capital that regulators require, is profitable (or operating with a very small loss) and has kept its delinquent loans in check.
Sallie Mae Bank is a state chartered commercial bank and not a member of Federal Reserve. With $15 billion in total assets, the FDIC classifies the bank’s asset concentration as "Consumer Lenders" which is defined as institutions whose residential mortgage loans, plus credit-card loans, plus other loans to individuals, exceed 50 percent of total assets.
Sallie Mae Bank is a leader in finance. Evaluate their rates and account options below, then open an account securely to take advantage of these great rate offers.
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