Sallie Mae® Bank CD Rates Review

Conor Keenan Author Bio By: Conor Keenan  Last updated on January 26, 2024
Conor Keenan is's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Editorial Freedom: The opinions, reviews, or recommendations in our articles are solely our own & are not endorsed by any financial institution or partner. Thanks to commissions from partner offers, our site remains free. Content by our team is independent & not commissioned by any advertising partners or financial institutions herein.

Read our review & open a new​ certificate account with confidence.  Sallie Mae Bank is FDIC insured up to $250,000 per depositor.  Fund your new account & take advantage of the power of compound interest today!

Main Benefits You Get with Sallie Mae Bank Certificate of Deposit Accounts

Competitive APY:

Sallie Mae Bank offers some of their highest APY products exclusively through the Raisin Platform.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is much higher than the national average.

Low minimum balance requirement:

You can open a savings account with Sallie Mae Bank for as little as $1. This low requirement allows you to open an account quickly and when you’re ready, to fully fund the account to start taking advantage of compound interest.

No monthly maintenance fee:

Everyone hates fees and these days, they feel like they’re popping up everywhere. Thankfully, Sallie Mae Bank doesn’t charge any monthly maintenance fees on their CD accounts through the Raisin platform.

Customer service: 

Sallie Mae Bank has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, responsive customer service team based in New York, NY.

FDIC insured:

Sallie Mae Bank is federally insured by the FDIC. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Proven Track Record: 

n 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise.”

It was formed as a government-sponsored enterprise but later became a private-sector corporation and continues today as a consumer bank that offers private student loans and other financial products such as certificate of deposit accounts.

Open Your New Account with Sallie Mae Bank Now


Process to Open Your Sallie Mae Bank Certificate of Deposit with Raisin

  1. Click One of the Above Links: You’ll be sent to the individual product page and click “Save Now” to start the sign up process.
  2. Begin Secure Sign-up: Provide your email, create a password, and enter your first and last names.
  3. Enter Personal Details: Input personal details such as name, date of birth, social security number and contact details. You can also add a joint owner if needed.
  4. Agree to Electronic Communications: Read and agree to the Electronic Communications Agreement.
  5. Review Details: Confirm all entered information is correct.
  6. Link Bank Account and Fund: Link an external bank account and decide the initial deposit amount.
  7. Start Earning Interest: Diversify savings across multiple institutions for maximized federal deposit insurance coverage.

This process is designed to be quick and secure, emphasizing data security and convenience.

Explore More Options:
Haven't found the right rate or term yet? We've got you covered., our trusted partner, connects you to a vast network of over 60 financial institutions, each with competitive rates to suit your savings needs & offers you the opportunity to access $10 million in federal deposit insurance through its network, all from a single secure login. See more certificate of deposit offers now.

Customers Also Viewed These High-Yield Savings Accounts From Our Partners

Discover Bank Logo




  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC


To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

Sallie Mae Bank Certificate of Deposit Accounts, Powered by Raisin

Sallie Mae Bank uses the secure Raisin platform to offer savings products like their high yield CDs to savers nationwide. Customers open accounts at, and the platform manages all aspects of the products offered by Salle Mae, including a customer’s deposits and withdrawals, statements and any customer service needs. In simple terms, Raisin provides you exclusive access to a special selection of Salle Mae products. Best of all, Raisin is completely free!


Security: Funds deposited into any of the products accessible through Raisin 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 Raisin apart.

Access: Enjoy 24/7 online access to your account and funds.

History of Sallie Mae Bank

Sallie Mae Bank, known for its competitive CD rates, has a history that intertwines with the evolution of student loan financing in the United States. Established originally as the Student Loan Marketing Association, Sallie Mae was created in 1972 as a government-sponsored enterprise (GSE). This formation was part of a federal initiative to increase the availability of student loans.

The initial role of Sallie Mae was to support and service federally guaranteed student loans under the Higher Education Act of 1965. It functioned by purchasing student loans from the original lenders, thereby providing liquidity and encouraging further lending.

In the 1990s, Sallie Mae underwent significant transformation. It started the process of privatization, which was completed in 2004. This move shifted its focus from a government-backed entity to a fully private, shareholder-owned company. Post-privatization, Sallie Mae expanded its services, offering private student loans and other banking products, including high-yield savings accounts, certificates of deposit (CDs), and more.

Sallie Mae Bank, as a part of this expansion, gained recognition for offering some of the most competitive CD rates in the banking industry. These CDs, known for their favorable terms and rates, appealed to a broad spectrum of savers, from those seeking short-term investment options to those looking for longer-term, higher-yield opportunities. The bank’s approach to CD rates often reflected broader economic trends and interest rate environments, adjusting its offerings to remain competitive and attractive to customers.

Sallie Mae Bank continues to be a significant player in the financial services sector, particularly known for its student loans and savings products, including CDs. The bank’s history, marked by its transition from a government entity to a private corporation, mirrors the larger narrative of financial services evolution in the U.S., showcasing adaptability and a focus on meeting the changing needs of its customers.

Awards Presented to Sallie Mae Bank

Sallie Mae Bank has received several notable awards and recognition for its commitment to excellence in financial services. Here are a few examples:

  1. Sallie Mae has been recognized with various awards over the years. Notably, in 2018, it won a Silver Award in the American Business Awards, which are part of the prestigious Stevie Awards. These awards are highly regarded and involve a selection process from a field of worldwide competitors, judged by an independent panel.

    2. Additionally, Sallie Mae has developed a mobile app that has been well-received by users, indicating the company’s commitment to providing accessible and user-friendly digital services. While this is not a formal award, the positive ratings and reviews of the app reflect the company’s efforts in digital innovation and customer service

Award information can change over time, and there may have been additional awards or recognitions received by Sallie Mae Bank. For the most up-to-date and comprehensive information on the awards and accolades earned by Sallie Mae Bank, please visit their official website.

Sallie Mae Bank: Pros & Cons


  1. Competitive Interest Rates: Sallie Mae CD accounts offer competitive interest rates compared to other online CD accounts. These rates are generally higher than typical bank rates.
  2. Variety of CD Terms: The bank provides a good range of CD term options, from 6-months to 60-months, including unique terms like 11, 13, 15, and 30-month CDs.
  3. Non-Tiered Interest Rates: The interest rates for Sallie Mae CDs are not tiered. This means you don’t need a large account balance to earn the most competitive rates available. Any balance above the required opening amount earns competitive interest rates.
  4. No Withdrawal Penalty Products: Not all banks carry a “no penalty” option for their CD accounts. The fact that Sallie Mae Bank provides not one but two no penalty accounts it a testament to their commitment to providing financial services that work best for their customers.


  1. No Rate Guarantee: Sallie Mae CDs do not offer a guarantee to lock in the best rate. The interest rate at the time you open the CD is the interest rate you receive for the term.
  2. External Account Linking: To make electronic transfers, Sallie Mae CDs must be linked to an external account.
  3. Minimum Opening Requirement: Each Sallie Mae CD term requires a $2,500 opening deposit, which might be high for some customers.
  4. Minimum Balance Requirement: To earn interest, you must maintain a balance of at least $2,500. If the balance drops below this amount, you won’t earn any interest.


Good News: Sallie Mae has solved the minimum requirements above by partnering with the Raisin platform, thereby allowing savers across the United States access to these incredible savings accounts within minutes and a minimum initial deposit of $1. Sign up for your account today.

Sallie Mae Bank CD Rates FAQ

Is Sallie Mae Bank FDIC insured?

Yes, Sallie Mae Bank is FDIC insured. Deposits are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC). With a secure online banking platform, Sallie Mae Bank ensures the safety and security of customers’ deposited funds.

What are the benefits of opening a CD account with Sallie Mae Bank?

Benefits of opening a CD account with Sallie Mae Bank include higher interest rates compared to traditional savings accounts, fixed rates, flexible options for early withdrawals with penalties or no penalty CDs with lower rates, and easy online account opening.

Is Sallie Mae CD compounded daily?

Yes, Sallie Mae CD accounts are compounded daily. This means that the interest earned on the account is added to the balance every day, resulting in more interest earned over time. Sallie Mae offers competitive rates for their CD accounts, making them a popular choice among savers.

Is a Sallie Mae No Penalty CD Safe?

Yes, a Sallie Mae No Penalty CD is considered safe. It is FDIC-insured up to $250,000 per depositor, ensuring that your deposit is protected in the event of a bank failure.

Are there any fees associated with opening and maintaining a CD account with Sallie Mae Bank?

Sallie Mae Bank CD accounts come with no maintenance fees. However, be aware of potential penalties for early withdrawal or closing the account before maturity. There are also no penalty CD options available to avoid early withdrawl penalties. Opening a CD account with Sallie Mae Bank does not incur any fees. Always review the terms and conditions beforehand.

Raisin Contact Information:

Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)

Email Address:

85 Broad Street
New York, NY 10004


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*National Savings Rate Average as published by FDIC