Sallie Mae Bank CD Rates: March 2024

See what you can earn with a Sallie Mae CD
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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. 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.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

Sallie Mae Certificate of Deposit Overview 

CD Term APY Minimum Balance
6 months 4.80% $2,500
9 months 4.85% $2,500
11 months 4.90% $2,500
12 months 4.95% $2,500
13 months 4.90% $2,500
15 months 4.80% $2,500
18 months 4.75% $2,500
24 months 4.50% $2,500
30 months 4.00% $2,500
36 months 4.00% $2,500
60 months 4.00% $2,500
(As of March 19, 2024)

See the best CD rates today before choosing the CD that is best for you.

About Sallie Mae Bank

Sallie Mae, known primarily for student loans, began in 1973 as a government entity servicing federal student loans. Between 1997 and 2004, it cut ties with the federal government and became a publicly traded consumer bank. Although private student loans remain a part of its product lineup, the bank now offers online-only savings accounts, credit cards, and CDs too. 

Sallie Mae is headquartered in Newark, Delaware and operates as an online bank. The easiest way to open a certificate of deposit at Sallie Mae is through its website or mobile app.

Sallie Mae Bank CDs: Key Features

APY Range 4.00% to 4.95%
Minimum Balance $2,500
Term Range 6 months to 60 months
Early Withdrawal Penalty Terms under 12 months: 90 days' interest on the withdrawal Terms over 12 months: 180 days' interest on the withdrawal
Compounding Frequency Compounded daily, credited monthly
Monthly Fees None
Returned Deposit Fee $5

Compare Sallie Mae Bank’s CD Rates

Sallie Mae's CD rates are significantly higher than the national average and for many terms, are competitive with the best CD rates offered by other online banks.
Bank APY Range Minimum Balance Term Range
Marcus Bank 4.00% to 5.05% $500 6 months to 6 years
Ally Bank 3.00% to 4.55% $0 3 months to 5 years
Synchrony Bank 2.05% to 5.15% $0 3 months to 5 years
(As of March 19, 2024)

Compare CD Account Rates

To choose a CD, it's best to review rates from multiple banks and compare rates based on the term length. For example, you'd want to compare a 12-month CD at one bank to a 12-month CD at another bank. Don't forget to check the minimum balance requirement and early withdrawal penalties—these features can offer a tiebreaker between two attractive rates.

Is Sallie Mae a Good Bank for CDs?

Sallie Mae is known for its student loans, but the bank also pays some of the highest CD rates, especially compared to brick-and-mortar banks. Deposits are FDIC-insured for up to $250,000.

What Are the Disadvantages of Sallie Mae?

Sallie Mae has a high minimum deposit of $2,500 for its CDs, which may put it out of reach for some savers. The bank operates online, so you can't visit a branch and must deposit money electronically. Rates on longer term CDs are less competitive.

What Is the Sallie Mae Controversy?

In 2017, several states formed a class-action lawsuit against Navient—a Sallie Mae spinoff. The lawsuit alleged unfair lending practices related to a portfolio of private student loans transferred from Sallie Mae. The bank hasn't faced issues with its banking division.

Is a Sallie Mae No Penalty CD Safe?

Sallie Mae's No Penalty CD, which is available via a third party and not directly from Sallie Mae, does not impose an early withdrawal penalty if you make a withdrawal before the end of the term. While earnings may be affected, your original deposit is safe.

Your Guide to CDs

Article Sources
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  1. Sallie Mae. "."
  2. U.S. Department of the Treasury. "."
  3. Federal Deposit Insurance Corporation. "."
  4. Office of the Attorney General for the District of Columbia. "."
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