Sallie Mae CD Rates Today: Competitive Savings Options (2024)

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Sallie Mae Bank (Member FDIC) is mainly known for its private student loans, but it also offers banking products like CDs.

Sallie Mae is a good choice if you're looking for high interest rates on CDs. You'll need to meet steep minimum opening requirements to open a CD through the website, though.

Sallie Mae CD Rates Today

Sallie Mae CD rates are high overall — in fact, on certain terms, it pays some of the best CD rates out there.

CD TermAPY (Annual Percentage Yield)
6 months4.80%
9 months


11 months


12 months5.05%
13 months5.10%
15 months4.80%
18 months4.75%
24 months4.50%
30 months


36 months4.00%
60 months4.00%

Sallie Mae CD Pros and Cons

  • High CD rates

  • Interest compounds daily

  • Variety of CD terms

  • Low-to-standard early withdrawal penalties

  • $2,500 minimum deposit
  • No terms under 6 months or over 5 years

Sallie Mae's Expansion Into Banking

Sallie Mae has a money market account, savings accounts and CDs. Since our review focuses on CDs, we'll explain more about these specific offerings below.

Types of CDs Offered by Sallie Mae

You can only get standard CDs through the Sallie Mae website. Terms range from 6 months to 60 months.

It's a great option if you want to build a CD ladder, because it has more term options than many banks. For example, you can get 11-month, 15-month, or 30-month terms.

You can also open standard and no-penalty CDs through Raisin. For example, Raisin offers a unique Sallie Mae 14 Month No-Penalty CDit pays 4.75% APY.

Raisin is an online marketplace that offers high savings account and CD rates through partner banks. You can't open a no-penalty CD directly through the Sallie Mae website, but you can through its partnership with Raisin. And like all accounts with Raisin, you only need $1 to open a CD. Keep in mind Raisin's term offerings can change over time.

Online-Only Banking Experience

Sallie Mae is a good choice for CDs if you are comfortable with an online-only experience. You can't visit physical branches, but customer support is available on weekdays during normal business hours on the East Coast.

Steep Minimum Opening Deposit

You need at least $2,500 to open a CD on the Sallie Mae website. Typically, you only need $1,000 to open a CD at banks, so Sallie Mae is less lenient than other banks.

If you don't have at least $2,500 for a CD, check out the best online banks — some top options let you open a CD with $0.

Early Withdrawal Penalties

Sallie Mae CDs have the following early withdrawal penalties:

  • 90 days of simple interest on the amount withdrawn for CD terms of 12 months or less
  • 180 days of simple interest on the amount withdrawn for CD terms longer than 12 months

Compared to other online banks, Sallie Mae has standard early withdrawal charges for short-term CDs and lenient penalties for long-term CDs.

What Influences Sallie Mae CD Earnings

Below, we'll detail the factors influencing your Sallie Mae CD earnings. This may help you determine if a CD strategy is a good fit for your savings goals.

Market Fluctuations and Fed Actions

Understanding the current economic environment and CD rate forecast for the year can help determine whether to lock in a CD rate or wait.

Generally, savers benefit from higher CD rates when the Fed raises the federal funds rate and get less competitive rates when the Fed cuts rates.

CD Selection

Sallie Mae CDs pay a fixed interest rate, so the term you choose affects your total interest earnings. You can use a CD calculator to find out how much interest you could potentially earn on various terms and opening deposit amounts.

How Sallie Mae CD Rates Compare

Sallie Mae CDs vs. Ally CDs

Sallie Mae pays 4.00% to 5.10% APY on CDs, while Ally Bank CD rates are 3.00% to 4.50% APY on its regular CDs. So if you want a standard CD, Sallie Mae is probably the better choice — the exception being if you don't have at least $2,500 to open an account. Then you'll prefer Ally, because Ally has a $0 minimum deposit on all accounts.

If you're looking for other types of CDs, Ally is likely the better bet. The Ally Raise Your Rate CD has a 2-year and 4-year term, both paying 3.75% APY. If Ally rates go up, you can request a rate increase once during the 2-year term and twice during the 4-year term.

There is also an 11-month Ally No Penalty CD that pays 4.00% APY. Sallie Mae doesn't offer a no-penalty CD, unless you want to open one separately through its partnership with online marketplace Raisin.

Ally Bank Review

Sallie Mae CDs vs. Capital One CDs

Capital One CD rates are 3.90% to 5.00% APY. You'll prefer Capital One over Sallie Mae if you don't have $2,500, because Capital One has a $0 minimum deposit.

Capital One 360 Bank Review

Should You Invest in a Sallie Mae CD?

Sallie Mae CD rates are some of the highest out there. They're great picks if you're comfortable with online banking and have at least $2,500 to open a CD.

Sallie Mae also offers more high-yield CD terms than most banks, so you have plenty of options when opening a CD.

Why You Should Trust Us: How We Reviewed Sallie Mae CDs

To review Sallie Mae CDs, we used Business Insider's certificate of deposit methodology. We look at interest rates, minimum opening deposits, early withdrawal penalties, CD term variety, ethics, customer support, and the mobile app. We assign each category a rating between 0 and 5, then average the scores together to calculate the CDs' overall ratings.

More on Sallie Mae:

  • Sallie Mae Student Loans
  • Sallie Mae Bank Review

Sallie Mae CD FAQs

Are Sallie Mae CD rates competitive?

Sallie Mae CD rates are competitive and significantly higher than average CD rates.

Does Sallie Mae often change their CD rates?

Sallie Mae can change their CD rates at any time. Sallie CD rates are usually more competitive when the Fed raises rates. When the Fed is cutting rates, the CDs offer lower rates overall.

Do Sallie Mae CDs offer any unique features?

Sallie Mae has unique CD term options. For example, you can get an 11-month or 30-month term. The bank doesn't offer specialty CDs on the bank website, like an add-on or step-up CD. You can get a Sallie Mae no-penalty CD through Raisin, though.

Are Sallie Mae CDs FDIC-insured?

Yes, Sallie Mae is a Member FDIC bank, so any deposits are insured for up to $250,000 per person, per category. If Sallie Mae shuts down, it will mail you a check for your insured amount or move your money to another FDIC-insured institution.

Do I need a student loan to open a Sallie Mae CD?

You do not need a student loan to open a Sallie Mae CD. Anyone over the age of 18 can apply for Sallie Mae CDs online.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:

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Sallie Mae CD Rates Today: Competitive Savings Options (3)

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Sallie Mae CD Rates Today: Competitive Savings Options (2024)


Sallie Mae CD Rates Today: Competitive Savings Options? ›

Sallie Mae offers a certificate of deposit (CDs) with terms ranging from 6 to 60 months, all of which are FDIC-insured and have a minimum balance of $2,500. 1 While Sallie Mae's CD rates are competitive with those of the top online banks, other bank CDs have lower or no minimum balance requirements.

Is Sallie Mae legit for CDs? ›

Sallie Mae offers a certificate of deposit (CDs) with terms ranging from 6 to 60 months, all of which are FDIC-insured and have a minimum balance of $2,500. 1 While Sallie Mae's CD rates are competitive with those of the top online banks, other bank CDs have lower or no minimum balance requirements.

Does Sallie Mae have a 5% CD? ›

Overviews of Sallie Mae CDs

Sallie Mae offers competitive rates and a variety of CD terms. Rates range between 4.00% to 4.95% APY.

What is Sallie Mae's interest rate right now? ›

Savings and money market accounts
TermMinimum balance to open accountInterest rate
18 months$2,5004.64%
24 months$2,5004.40%
30 months$2,5003.92%
36 months$2,5003.92%
7 more rows

What is the current Sallie Mae money market interest rate? ›

Sallie Mae Money Market Account APY

The current APY is 4.65%.

What are the disadvantages of Sallie Mae? ›

Cons Explained

No refinancing option available: Certain lenders offer student loan refinancing, but Sallie Mae does not. Limited repayment terms: Sallie Mae only offers repayment terms of 120 to 180 months.

Can I trust Sallie Mae? ›

Is the Lender Reputable? The lender receives an A+ grade from the Better Business Bureau and gets 1.5 out of 5 stars, or a bad rating, from Trustpilot based on about 30 reviews. The Consumer Financial Protection Bureau received 315 student loan-related complaints in 2022 about SLM Corp., holding company of Sallie Mae.

Is Sallie Mae Bank good? ›

Sallie Mae Bank is a good option for consumers looking for an online savings account that earns competitive yields.

Are Sallie Mae CDs FDIC insured? ›

Yes, our deposit accounts are FDIC insured up to the maximum amount allowed.

What is Sallie Mae Bank Moody's rating? ›

Rating History
Date :21-Feb-202424-Feb-2023
Rating :BB+BB+
Action :AffirmedAffirmed
1 more row

Why are Sallie Mae rates so high? ›

If you signed up for a Sallie Mae loan when you entered college, you may have a high interest rate because you were a college student with no credit history and no full-time income. If you now have a stable job and a good credit score, you may be eligible for a lower interest rate.

How to get a better interest rate with Sallie Mae? ›

To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month.

Who took over Sallie Mae? ›

Navient was, at one time, the largest student loan servicer after its parent company Sallie Mae moved its portfolio to it in 2014. Navient ended its federal student loan servicing contract after December 2021 and its portfolio was then transferred to Aidvantage.

How safe is a Sallie Mae CD? ›

Yes, Sallie Mae Bank is FDIC-insured (FDIC Certificate No. 58177).

Where can I get 7% interest on my money? ›

7% Interest Savings Accounts: What You Need To Know
  • As of May 2024, no banks are offering 7% interest rates on savings accounts.
  • Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Where can I get 12% interest on my money? ›

Where can I find a 12% interest savings account?
Bank nameAccount nameAPY
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account12.3% to 12.8%
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account12.4% to 12.9%
YieldN/AUp to 12% EarnUp to 14.5%
6 more rows
Jun 1, 2023

Is Sallie Mae Bank reputable? ›

Sallie Mae Bank is a good option for consumers looking for an online savings account that earns competitive yields.

What is the Sallie Mae student loan scandal? ›

Lawsuits later revealed that one set of these predatory Sallie Mae private student loans had default rates ranging “between 50 and 92 percent every year from 2000 to 2007,” and that Sallie Mae's own expectations were that these loans would default at rates as high as 92 percent.

Are Lending Club CDs safe? ›

CDs are available for different durations, otherwise known as “terms,” and are fully FDIC insured.


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