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Sallie Mae CD rates are high overall — in fact, on certain terms, it pays some of the best CD rates out there. There is a Sallie Mae CD - Minimum Deposit minimum deposit for CDs, though.
CD Term
APY (Annual Percentage Yield)
6 months
Sallie Mae 6 Month CD - APY
9 months
Sallie Mae 9 Month CD - APY
11 months
Sallie Mae 11 Month CD - APY
12 months
Sallie Mae 1 Year CD - APY
13 months
Sallie Mae 13 Month CD - APY
15 months
Sallie Mae 15 Month CD - APY
18 months
Sallie Mae 18 Month CD - APY
24 months
Sallie Mae 2 Year CD - APY
30 months
Sallie Mae 30 Month CD - APY
36 months
Sallie Mae 3 Year CD - APY
60 months
Sallie Mae 5 Year CD - APY
Sallie Mae CD Rates Pros and Cons
Pros
Cons
High CD rates
Interest compounds daily
Variety of CD terms
Low-to-standard early withdrawal penalties
Sallie Mae CD - Minimum Deposit minimum deposit
No terms under 6 months or over 5 years
Sallie Mae CD FAQs
Is Sallie Mae a good CD option?
Sallie Mae is a good choice for CDs if you are comfortable with an online-only experience. It's also a great option if you want to build a CD ladder, because it has more term options than many banks.
What is the interest rate for a Sallie Mae no-penalty CD?
You can open a Sallie Mae 14 Month No-Penalty CD - Product Name Only through Raisin, and it pays Sallie Mae 14 Month No-Penalty CD - APY 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.
Is Sallie Mae safe for CDs?
Yes, Sallie Mae is a safe place to open CDs. It 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 either mail you a check for your insured amount or move your money to another FDIC-insured institution.
What is the minimum deposit for a CD at Sallie Mae?
You need at least Sallie Mae CD - Minimum Deposit to open a CD with Sallie Mae.
How Sallie Mae CD Rates Compare
Sallie Mae CD Rates vs. Ally CD Rates
Sallie Mae pays Sallie Mae CD - APY APY on CDs, while Ally Bank CD rates are Ally High Yield CD - APY 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 Sallie Mae CD - Minimum Deposit to open an account. Then you'll prefer Ally, because Ally has a Ally High Yield CD - Minimum Deposit 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 - Product Name Only has a 2-year and 4-year term, both paying Ally Raise Your Rate CD - APY 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 - Product Name Only that pays Ally No Penalty CD - APY APY. Sallie Mae doesn't offer a no-penalty CD, unless you want to open one separately through its partnership with online marketplace Raisin.
Sallie Mae CD Rates vs. Capital One CD Rates
Capital One CD rates are Capital One 360 CD - APY APY, so Sallie Mae pays the same. But you'll prefer Capital One over Sallie Mae if you don't have Sallie Mae CD - Minimum Deposit, because Capital One has a Capital One 360 CD - Minimum Deposit minimum deposit.
Why You Should Trust Us: How We Reviewed Sallie Mae CDs
To review Sallie Mae CDs, we used 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.
