Sallie Mae Bank offers a lot of flexibility and competitive rates for its CDs. The bank features 11 term options ranging from six months to five years.

Sallie Mae’s 12-month CD rate is among the highest in the country, and the bank remains competitive for other CD terms as well. You’ll need to make a $2,500 minimum deposit to open an account.

Bankrate scores Sallie Mae Bank 3.7 stars out of 5 in its overall bank rating.

Sallie Mae Bank CD rates

All Sallie Mae CD rates assume you leave your accrued interest in your account until the maturity date, although you can withdraw earned interest without paying a penalty. The bank charges industry-standard penalties for withdrawing your principal early — 90 days of simple interest for terms of 12 months or fewer and 180 days of simple interest for terms greater than 12 months.

Here are Sallie Mae’s CD rates as of Jan. 5, 2021.

Account name Term APY Minimum deposit
Sallie Mae Bank CD 6 months 0.30% $2,500
Sallie Mae Bank CD 9 months 0.30% $2,500
Sallie Mae Bank CD 11 months 0.30% $2,500
Sallie Mae Bank CD 12 months 0.50% $2,500
Sallie Mae Bank CD 13 months 0.50% $2,500
Sallie Mae Bank CD 15 months 0.50% $2,500
Sallie Mae Bank CD 18 months 0.55% $2,500
Sallie Mae Bank CD 24 months 0.60% $2,500
Sallie Mae Bank CD 30 months 0.60% $2,500
Sallie Mae Bank CD 36 months 0.60% $2,500
Sallie Mae Bank CD 60 months 0.60% $2,500

How Sallie Mae Bank compares to other top-yielding banks

Sallie Mae bank CDs are bit lackluster, with rates far below competitors in an already low rate environment. For example, you can snag a 1.25% APY on a 5-year CD term at Delta Community Credit Union. And if you’re looking for a shorter-term, you may want to look at Quontic Bank instead where you can get a 1-year CD that earns 0.90% APY.

Both banks also require significantly lower minimum deposits.

Consider multiple banks and shop around to ensure you’re getting a competitive CD APY.

Other savings products at Sallie Mae Bank

Sallie Mae offers other ways to save as well. The bank’s SmartyPig online savings account is a great way to save for both long-term and short-term goals. You can segment the account into buckets to keep your savings goals straight, and you won’t pay any fees to open or maintain an account. SmartyPig offers a tiered interest rate based on your account balance that matches up well with similar accounts from other banks.

The bank also offers a high-yield savings account and a money market account, both of which offer competitive interest rates with no fees. These accounts are great options if you want more flexibility to add or withdraw money as needed — a feature that a CD doesn’t offer.