Find the latest Sallie Mae Bank No Penalty CD Rates, Offers, and Promotions here.
At the moment you can earn 5.00% APY (27-Month High Yield CD), 4.00% APY (10-Month No-Penalty CD), 4.05% APY (14-Month No-Penalty CD).
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Sallie Mae Bank CD Account Summary
In 1972, Sallie Mae Bank opened their banks. Although you may be more familiar with Sallie Mae as being a student loan provider they also provide traditional banking services.
- Availability: Nationwide (Online Bank)
- Minimum Balance Requirement: $1 minimum deposit
Sallie Mae No Penalty CD Rates
|10-Month No Penalty CD||4.00%||Learn More|
|14-Month No Penalty CD||4.05%||Learn More|
|27-Month High Yield CD||5.00%||Learn More|
Sallie Mae No Penalty CD Account Features
- FDIC insured. No fees. $1 minimum deposit.
- Putting educational and financial success within reach for more than 50 years.
- Security: Funds deposited into any of the products accessible through SaveBetter are held by federally insured institutions. We use a host of cybersecurity measures to protect your funds and sensitive information.
- Choice: Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.
- Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.
- Service: A supportive, accessible, responsive customer service team based in New York, NY, sets SaveBetter apart.
- Access: Enjoy 24/7 online access to your account and funds.
What is a No-Penalty CD?
A no-penalty CD can be seen as a traditional certificate of deposit, however, there is one key difference. In a traditional CD, you’ll have limitations and penalties or even full restrictions on withdrawals prior to the account reaching maturity.
What does it mean when a CD reaches maturity? Simply put, it is the CD’s term length. Example: A 12-month CD will mature after 12 months following purchase date.
Now, as the name suggests, a no-penalty CD does not incur an early withdrawal penalty if you need those funds prior to the CD’s maturity. These are otherwise none as liquid CDs as the offer liquidity giving you access to your funds. Normally, no-penalty CDs offer a lower rate than a traditional CD, but will usually offer a higher rate than most savings accounts.
Are My Deposits Safe?
Yes, your funds are FDIC-insured to assure peace of mind.
At the end of the day, the current range of CD rates available through Sallie Mae Bank are great for those who would like to earn a great rate through one of the most trusted financial institution nationwide.
Because the bank is online only, you get to earn more for a lot less than your typical brick and mortar banks.
With a range of rates to choose from, you can definitely count on the bank to help you through every step of your banking process!
However, if you are not currently interested, be sure to see our complete list of the Best CD Rates for all your banking needs!
Disclaimer: Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.