Sallie Mae offers CDs across multiple terms, including some unique ones that aren’t available at other banks. Investors without much money to invest may be able to open a CD with the bank, and earn more interest than they would at most banks.
Early withdrawal penalties for CDs are standard. The penalty is 90 days of simple interest for CDs with terms of 12 months or less. For banks with longer terms, the penalty is 180 days of simple interest.
Interest is compounded daily.
Yields are competitive and much higher than average.
Relatively low minimum deposit required to open each CD.