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Sallie Mae CD Rates for 2024

Updated
Kevin Payne
By: Kevin Payne

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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

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 June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
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

Sallie Mae CD
  • 6 APY: 5.10%
  • 9 APY: 5.15%
  • 12 APY: 5.25%
  • 18 APY: 4.90%
  • 24 APY: 4.50%
  • 36 APY: 4.00%
  • 60 APY: 4.00%
Rates as of June 7, 2024

APY = Annual Percentage Yield

Term
Sallie Mae CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
5 Yr.
5.10%
5.15%
5.25%
4.90%
4.50%
4.00%
4.00%

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

  • You should get a Sallie Mae CD if you want competitive CD rates with no fees and multiple CD terms.

  • 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