Sallie Mae

Commercial bank · Newark, United States

Sallie Mae is the trading name of SLM Corporation, a Nasdaq-listed education finance company with its head office at 300 Continental Drive in Newark, Delaware. Its banking arm, Sallie Mae Bank, is a Utah industrial bank chartered in 2005 and regulated by the FDIC, the Utah Department of Financial Institutions and the Consumer Financial Protection Bureau; the group states in its 10-K that it is not a bank holding company. The business is private student loans, about $7.4 billion originated in 2025 and $20.3 billion held for investment at the year end, funded by consumer deposits of $21.5 billion at the bank. Savers get a high yield savings account, a money market account with cheque writing, certificates of deposit and SmartyPig. It sold its credit card loan portfolio in May 2023 and issues no card. There is no business account, no foreign currency and one bank office.

Legal name: SLM Corporation
Regulated by: Federal Deposit Insurance Corporation, Utah Department of Financial Institutions, Consumer Financial Protection Bureau
Licence confirmed: yes, on a regulator's own list
Established: 2005
Website: www.salliemae.com

Scores, 0 to 10

8.5Customer satisfaction

Trustpilot TrustScore of 4.5 across 4,655 reviews, with reviewers naming a fast application and helpful support staff. · source

7.5Financial strength & stability

Common equity tier 1 ratio of 11.1 percent and total capital ratio of 12.4 percent at 31 December 2025 and well capitalized under the prompt corrective action framework, though it is a single-product lender part-funded by $8.5 billion of average brokered deposits. · source

3.5United States

A Utah industrial bank with FDIC insurance and $28.5 billion of assets at 30 June 2026, but its whole deposit range is consumer accounts and it publishes no business account, ACH origination or treasury service. · source

2.5Lowest fees

There is no business account to price. The consumer accounts carry no monthly maintenance fee, no minimum deposit and no minimum balance, with a $20 fee on outgoing wires. · source

2.5Best interest on business balances

It pays 3.75 percent APY on savings and 3.50 percent on the money market account, but only to individuals; there is no business deposit account and no treasury sweep. · source

2.5Fast digital onboarding

The deposit application is online with no minimum deposit and funds start earning on the first linked transfer, but only personal accounts exist and no company can apply. · source

1.5Foreign-owned & non-resident companies

All 1,788 staff and the single bank office are in the United States, the products are US consumer deposit accounts and no non-resident or foreign-owned company path is published. · source

1.0Crypto-friendly bank

It opens no accounts for businesses of any kind, so a crypto firm cannot bank there, and neither the 10-K nor the savings pages state any crypto policy. · source

1.0Cross-border payments, FX and multi-currency accounts

US dollar only, with approximately 1,788 team members all located in the United States and no foreign currency product on the savings pages. One bank office, US dollars only, no multi-currency accounts, cash pooling or host to host connectivity. · source

1.0Fintech companies that need a partner bank

No safeguarding accounts, sponsor banking, BIN sponsorship or rail access; the 10-K describes a consumer banking business built on private education loans. · source

1.0Online businesses: e-commerce and SaaS

No acquiring, marketplace payouts or collection accounts appear in the 10-K or on the savings pages. No company accounts, API access or multi-currency receiving; the deposit range is four personal savings products. · source

1.0Startups & VC-backed companies

It opens no accounts for companies at any stage, so a pre-revenue startup cannot bank there. · source

1.0Trade, manufacturing & import-export

No letters of credit, guarantees, documentary collections or supply chain finance appear in the 2025 Form 10-K. · source

1.0Business cards (Visa, Mastercard)

It sold its credit card loan portfolio in May 2023 and reports no card balances since; the money market account offers cheque writing rather than a card. · source

1.0High-risk verticals (iGaming, cannabis, adult, forex)

It does not bank operating companies at all, so licensed gambling, cannabis, adult and forex firms cannot open an account, and no policy on those verticals is published. · source

1.0Crypto wallet and custody for a business

Sallie Mae Bank offers student loans plus savings, CDs, money market and SmartyPig accounts, all quoted for personal accounts only on 11 September 2026, with no crypto wallet or custody. · source

1.0Accept crypto payments

Sallie Mae has no merchant or business payment product; its deposit rates apply to personal accounts only, so crypto acceptance does not exist. · source

1.0On-ramp: buy crypto with fiat

With rates and products offered to personal accounts only as of September 2026, a company has no Sallie Mae account from which to fund a crypto exchange. · source

1.0Off-ramp: crypto to fiat in a business account

Sallie Mae Bank opens no business deposit accounts, so a company cannot receive crypto sale proceeds there. · source

1.0Bitcoin

The Sallie Mae savings range in 2026 is high-yield savings, CDs, money market and SmartyPig goal accounts; no bitcoin product is offered. · source

1.0Ethereum

No ether holding or trading exists at Sallie Mae; its only deposit products are dollar savings accounts and CDs for individuals. · source

1.0Stablecoins (USDC, USDT and others)

Sallie Mae offers no stablecoin account or payout; its deposits are FDIC-insured dollar savings for personal customers. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.