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finder.com’s rating: 4.7 / 5.0
★★★★★
Sallie Mae offers 11 CDs directly through their site and four through their partner SaveBetter, a platform that offers banking products with unique perks. The key difference? You’ll need at least $2,500 to open a CD directly through Sallie Mae, and only $1 if you open one through SaveBetter.SaveBetter’s array of Sallie Mae CDs offers a few distinct advantages over opening a CD with Sallie Mae directly. The first is the type of CDs: SaveBetter offers no-penalty CD options on Sallie Mae‘s 10- and 14-month CDs. This means that if you were to withdraw your money before it reaches maturity, you won’t pay a withdrawal penalty fee. If you want a no-penalty CD, you won’t find any if you open a CD directly with Sallie Mae.
The other advantage to SaveBetter’s Sallie Mae CDs is the lack of a minimum deposit. You can open a SaveBetter Sallie Mae CD for just $1. Accounts opened with Sallie Mae directly require a minimum deposit of $2,500, which is rather high when it comes to CDs. This makes SaveBetter’s options a great entry point for growing money with a CD without committing to the higher minimum deposit.
With SaveBetter you also get term lengths that you won’t find at most banks. You can choose from 10-, 14-, 23- or 27-month CDs. These terms offer strong rates as well, with comparable or even greater rates you’d get with the closest available term offered through Sallie Mae‘s site. On the other hand, you get more term options if you open a CD directly through Sallie Mae.
CD term | APY | Minimum deposit |
---|---|---|
10-month no-penalty CD | 4.25% | $1 |
14-month no-penalty CD | 4.4% | $1 |
23-month CD | 4.85% | $1 |
27-month CD | 5% | $1 |
CD term | APY | Minimum deposit |
---|---|---|
6-month CD | 3.5% | $2,500 |
9-month CD | 3.55% | $2,500 |
11-month CD | 3.7% | $2,500 |
12-month CD | 4.25% | $2,500 |
13-month CD | 4.25% | $2,500 |
15-month CD | 4.3% | $2,500 |
18-month CD | 4.35% | $2,500 |
24-month CD | 4.4% | $2,500 |
30-month CD | 4.45% | $2,500 |
36-month CD | 4.5% | $2,500 |
60-month CD | 4.55% | $2,500 |
Narrow down top CDs by APY and minimum opening requirements to find the best CD for your financial needs. Then select Compare on up to four products to see their benefits side by side.
SaveBetter is an online platform that offers select banking products from existing banks. The products offered are typically different from the ones you’d find by signing up through the bank itself, with better rates, fewer fees or other perks you wouldn’t find otherwise. SaveBetter offers exclusive savings accounts, money market savings accounts and CDs.
Thanks to higher than standard APYs and negligible minimum deposits, all types of consumers looking to save and grow their wealth will find SaveBetter’s Sallie Mae CDs a useful tool. In fact, most of the rates on SaveBetter’s Sallie Mae CDs are stronger or comparable than what you’d find when opening an account through Sallie Mae directly. Plus you’ll get a lower minimum deposit.
The only tradeoff is you have just four term lengths to choose from rather than Sallie Mae‘s 11 terms. And if you want longer term CDs, you might look elsewhere or to Sallie Mae itself.
You can sign up for these unique Sallie Mae CDs through SaveBetter directly.
What it is | Sallie Mae CDs through SaveBetter | CDs directly through Sallie Mae |
---|---|---|
Minimum deposit | $1 | $2,500 |
Total term options | 4 terms | 11 terms |
Early withdrawal penalties | Penalty equal to 180 days’ simple interest. No penalty on its 10- and 14-month no-penalty CDs. | Terms of 12 months or less: 90 days’ simple interest. Terms 12+ months: 180 days’ simple interest. |
Grace period | 7 days | 10 days |
Cashout and rollover details | At maturity, you have a 7-day grace period to renew to a new term. There’s no grace period if you withdraw and don’t renew for a new term. | You may withdraw as a check or transfer funds to a checking or savings account. At maturity, you have a 10-day grace period to withdraw funds from your account without penalty. You can prevent renewal by withdrawing the funds in your CD at maturity or within the grace period. |
Customers generally like the rates and products offered by SaveBetter, but find the customer and account servicing a bit more challenging than opening a product directly through a bank. They argue this is because SaveBetter works as the intermediary between you and your account, and customers are unable to service their account with the associated bank directly.
If you open a CD through SaveBetter, you won’t be able to use Sallie Mae‘s customer service.
There are three ways you can reach SaveBetter:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
Sallie Mae CDs through SaveBetter is not currently available on Finder
Have you considered Bread Savings CDs?
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.