| Bank or Credit Union | Apy | Min | Max | Product | |
| Sallie Mae Bank | 1.50% | - | - | 60-Month CD | |
| Sallie Mae Bank | 1.30% | - | - | 36-Month CD | |
| Sallie Mae Bank | 0.90% | - | - | 12-Month CD | |
| Sallie Mae Bank | 0.85% | - | - | High-Yield Savings |
Sallie Mae Bank's Internet CD Rates - Available Nationwide
Sallie Mae Bank continues to offer competitive internet savings account and CD rates. I first reported on the bank last March soon after they launched their internet bank. The rates have actually gone up a little since March as they try to attract deposits. In addition to a top savings account rate (1.40% APY as of 7/5/2010), there's a link to their Upromise Rewards Program which can make the savings account a little more profitable. Refer to my March Sallie Mae Bank review for more savings account and Upromise details. In this post I'll focus on the Sallie Mae Bank's certificates of deposit.
Three CD terms are currently offered. The rates as of 7/05/2010 include:
- 1.55% APY 12-month CD
- 2.40% APY 36-month CD
- 3.00% APY 60-month CD
Like the savings account, there is no minimum initial deposit. Some important features mentioned in the disclosure include:
- Interest rate is fixed and is established when your CD is opened
- You can receive interest disbursements monthly, quarterly, yearly or at maturity. Disbursements will be sent electronically to your linked checking account.
- Early withdrawal penalty is 3 months of interest on the amount withdrawn for the 12-month CD and 6 months of interest for the longer terms
- Grace period at maturity is 10 calendar days
- To withdraw funds during the grace period, you can provide instructions by phone during the grace period.
- If you choose not to renew your CD, interest will accrue until the day within the grace period that you withdraw your funds or that they receive notice.
Sallie Mae Bank Financial Overview
Sallie Mae Bank is sizable with $7.5 billion in assets and $6.1 billion in deposits. Its ratings for safety and soundness are above average: 4 stars (sound) at Bankrate.com, 3 stars (adequate) at BauerFinancial and an overall health score of 5 out of 5 at DepositAccounts.com (see our Sallie Mae Bank financial overview). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 2005 (FDIC Certificate # 58177).
Jon (anonymous) - #1, Tuesday, July 6, 2010 - 5:22 AM
I've a Sallie Mae online account and have tried to use the Sallie Mae interbank transfer facility. It just presents me with a blank page at step 2. I've tried multiple PCs, browsers etc. Has anyone been able to use this successfully ?
tresho - #3, Friday, July 9, 2010 - 12:08 PM
I was interested in opening a High Value Savings account with Sallie Mae. I called Customer Service today & was told they do not offer POD (Payable-on-Death) accounts, which is the only kind I will open. That killed that deal.
jostan16 - #5, Wednesday, October 26, 2011 - 2:24 PM
I have tried many times to login to my account without success. It is so difficult I am thinking of taking my money out and closing the account!!!
Anonymous - #7, Thursday, October 27, 2011 - 2:20 PM
SO CLOSE THE ACCOUNT QUE ES EL PROBLEMO
gary in (anonymous) - #8, Friday, October 28, 2011 - 11:34 AM
so what is the deal did you close the account ?? i close d mine
R Vinicombe (anonymous) - #9, Monday, December 5, 2011 - 5:44 PM
They advertise their CD rates and then change them every month. Most CDs would stay at the same rate for the term, but they changed the one I opened 4 times until it was at 1%. I had compared them to other banks without noting their "locked-in" rate *** and now I know that the money will have to go to another bank that actually does "lock-in" the rate. I feel very mislead by this bank.
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