Updated
Sallie Mae CD rates are highly competitive with other top online banks. There are no costly monthly fees, which allows account holders to keep all their earnings. Unfortunately, there is a minimum deposit requirement -- so these CDs aren't for everyone. Read this review to learn more about Sallie Mae CD rates, how they compare to the competition, and who should get a Sallie Mae CD.
Sallie Mae CD rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Sallie Mae CD
Bottom Line
Sallie Mae may not be well-known for its banking services, but it offers CDs with competitive rates and the typically available terms. But the $2,500 required minimum deposit to open one will make them out of reach for many savers.
MINIMUM DEPOSIT $2,500
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 5.10% | 5.15% | 5.25% | 4.90% | 4.50% | 4.00% | 4.00% |
Compare Sallie Mae CD rates
Sallie Mae CD rates are among the best CD rates in the market, especially for terms of 12 months or longer. Compare CD rates below to find the right CD account for your needs.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details about Sallie Mae CDs
Sallie Mae CD Pros and Cons
PROS
- Competitive rates
- No fees
- Wide range of terms
CONS
- $2,500 minimum deposit requirement
Sallie Mae CD review
The interest rates on Sallie Mae CDs are competitive at most CD term lengths. There are 11 different term lengths, ranging from six months to five years. Like many CDs, there are no monthly fees to worry about, but Sallie Mae does require a $2,500 minimum deposit on its CDs.
Early-withdrawal penalties are common with CD accounts. If you withdraw funds from your Sallie Mae CD before it reaches maturity, you'll end up paying a penalty, which can be up to 180 days' simple interest depending on your CD's term length. Interest compounds daily and is credited to your account monthly. Account holders can get their interest payments transferred to a linked bank account monthly, quarterly, annually, or at maturity.
Sallie Mae CDs automatically renew at maturity, but once the CD reaches maturity you can opt out of the renewal by notifying Sallie Mae or withdrawing funds during the 10-day grace period.
Who is a Sallie Mae CD right for?
Sallie Mae CDs are an excellent fit for people who want an online CD that earns at a competitive rate without the hassle of monthly fees. They are also perfect for people who are looking for the flexibility of multiple term lengths. Sallie Mae CDs are for people who plan to deposit at least $2,500 into a CD account.
Bottom line: Sallie Mae CD rates
Keep reading about Sallie Mae
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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You should get a Sallie Mae CD if you want competitive CD rates with no fees and multiple CD terms.
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A Sallie Mae CD is worth it if you have $2,500 to invest in a CD account for at least six months. Be sure to compare Salle Mae CD rates to other top online banks to ensure you get the best CD rates.
Our Banking Expert
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
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