Business Insider's personal finance team compares Sallie Mae CD rates to the Sallie Mae Bank (Member FDIC) is ultimately a good choice for CDs if you have other products with the bank, like a student loan or high-yield savings account. It also may be worth considering if you're building a CD ladder, since it has variety of term lengths with pretty solid rates overall.
Current Sallie Mae CD Rates
Sallie Mae CD rates pay 3.40% to 4.35% APY, depending on the term. The best CD rate as Sallie Mae Bank is on the 12-month, 13-month, and 15-month terms, which both pay 4.40% APY.
| CD Term | APY (Annual Percentage Yield) |
| 6 months | 4.15% |
| 9 months | 4.20% |
| 11 months | 4.35% |
| 12 months | 4.20% |
| 13 months | 4.25% |
| 15 months | 4.30% |
| 18 months | 3.80% |
| 24 months | 4.00% |
| 30 months | 3.70% |
| 36 months | 3.40% |
| 60 months | 3.80% |
Overview of Sallie Mae CDs
best banks — some top options let you open a CD with $0.
Sallie Mae CD Early Withdrawal Penalties
Sallie Mae CDs have the following early withdrawal penalties:
- 90 days of simple interest on the amount withdrawn for CD terms of 12 months or less
- 180 days of simple interest on the amount withdrawn for CD terms longer than 12 months
Compared to other online banks, Sallie Mae has standard early withdrawal charges for short-term CDs and lenient penalties for long-term CDs.
Sallie Mae CD Pros and Cons
Sallie Mae CD Pros
- High CD rates
- Interest compounds daily
- Variety of CD terms
- Low-to-standard early withdrawal penalties
Sallie Mae CD Cons
- $2,500 minimum deposit
- No terms under 6 months or over 5 years
Sallie Mae CD Alternatives
Sallie Mae CDs vs. Ally CDs
Sallie Mae pays 3.40% to 4.35% APY on CDs, while certificate of deposit methodology. We look at interest rates, minimum opening deposits, early withdrawal penalties, CD term variety, ethics, security, miscellaneous features, customer support, and the mobile app.
We assign each category a rating between 0 and 5, and star ratings can be anywhere from one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Sallie Mae CD FAQs
Are Sallie Mae CD rates competitive?
Sallie Mae CD rates pay 3.40% to 4.35% APY, which are good rates and higher than average CD rates.
What are the early withdrawal penalties for Sallie Mae CDs?
Sallie Mae charges an early withdrawal penalty of 90 days of simple interest on the amount withdrawn for CD terms of 12 months or less and 180 days of simple interest on the amount withdrawn for CD terms longer than 12 months.
Do Sallie Mae CDs offer any unique features?
Sallie Mae has unique CD term options. For example, you can get an 11-month or 30-month term. The bank doesn't offer specialty CDs on the bank website, like an add-on or step-up CD. You can get a Sallie Mae no-penalty CD through Raisin, though.
Are Sallie Mae CDs FDIC-insured?
Yes, Sallie Mae 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 mail you a check for your insured amount or move your money to another FDIC-insured institution.
Do I need a student loan to open a Sallie Mae CD?
You do not need a student loan to open a Sallie Mae CD. Anyone over the age of 18 can apply for Sallie Mae CDs online.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Varo Savings Account: To earn the highest APY each month (5.00%) on up to $5,000, you must receive at least $1,000 in direct deposits each month and keep your Varo Bank Account balances above $0. Earn 2.50% APY on your remaining balance. Rates are subject to change at any time.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***Barclays Tiered Savings Account: Accounts with $250,000 or less will earn 4.00% APY, accounts with over $250,000 will earn 4.20% APY. Rate are determined by balance tiers and amount deposited.
1Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
1 APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
