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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.
APY = Annual Percentage Yield
Sallie Mae may not be well-known for its banking services, but it offers CDs with competitive rates and the typically available terms. But the $2,500 required minimum deposit to open one will make them out of reach for many savers.
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 5.10% | 5.15% | 5.25% | 4.90% | 4.50% | 4.00% | 4.00% |
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of August 23, 2024
Min. to earn: $1
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
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.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.20% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
PROS
CONS
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.
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.
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.
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.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
