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Sallie Mae Bank (Member FDIC) is mainly known for its private student loans, but it also pays high interest rates on accounts like CDs.
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Sallie Mae 14 Month CD -
Sallie Mae 10 Month CD
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Sallie Mae 14 Month No-Penalty CD
Sallie Mae CD Rates
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 $2,500 minimum deposit for CDs, though.
| CD Term | APY (Annual Percentage Yield) |
| 6 months | 4.95% |
| 9 months | 5.00% |
| 11 months | 5.05% |
| 12 months | 5.10% |
| 13 months | 5.10% |
| 15 months | 5.10% |
| 18 months | 5.15% |
| 24 months | 4.65% |
| 30 months | 4.00% |
| 36 months | 4.00% |
| 60 months | 4.00% |
Sallie Mae CD Rates Pros and Cons
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Sallie Mae CD FAQs
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.
You can open a Sallie Mae 14 Month No-Penalty CD through Raisin, and it 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.
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.
You need at least $2,500 to open a CD with Sallie Mae.
How Sallie Mae CD Rates Compare
Sallie Mae CD Rates vs. Ally CD Rates
Sallie Mae pays 4.00% to 5.15% APY on CDs, while Ally Bank CD rates are 2.55% to 5.00% 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 4.55% 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 3.90% to 5.15% APY, so Sallie Mae pays the same. But you'll prefer Capital One over Sallie Mae if you don't have $2,500, because Capital One has a $0 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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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