Sallie Mae Bank CD Rates (2026): Up to 4.50% APY
Sallie Mae Bank suits savers with $2,500 or more who want a strong rate on a 1- to 5-year CD. The one thing to know: a 12-month CD carries only a 90-day penalty, while every longer term carries 180 days. The top rate was 4.50% APY on the 60-month CD as of October 19, 2026, for new CDs; fixed once opened.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against Sallie Mae Bank's own CD rate page and deposit agreement (2 sources, listed below). We re-check prices about once a month. We do not earn a commission from Sallie Mae Bank.
Sallie Mae Bank at a glance
| CD APYs | 6 months 3.20%, 9 months 3.20%, 11 months 4.10%, 12, 13, 15, 18, 24 and 30 months 4.40%, 36 months 4.45%, 60 months 4.50% (as of October 19, 2026; for new CDs; fixed once opened) [1] |
|---|---|
| Terms | 11 terms from 6 to 60 months; no 48-month term [1] |
| Minimum deposit | $2,500 to open, which is also the minimum balance [2] |
| Early withdrawal penalty | 12 months or less: 90 days' simple interest on the amount withdrawn; more than 12 months: 180 days' simple interest [2] |
| Rate lock | Fund within 10 days of opening and you get the higher of the opening-date or funding-date rate [2] |
| Interest | Compounded daily, credited on the monthly cycle date; interest can be withdrawn without a penalty [2] |
| Add-on deposits | None before maturity [2] |
| Grace period | 10 calendar days, starting on the maturity date; CDs renew for the same term [2] |
| Transfer limit | $500,000 per transaction from your account [2] |
| Monthly fee | None [1] |
Sallie Mae Bank in official federal data
Rate compared with the national average
Sallie Mae Bank's 1-year CD APY of 4.40% (as of October 19, 2026) is about 2.5 times the FDIC's national average for 12-month CDs, 1.76% (as of October 19, 2026). On $10,000 kept for a year, that is about $440 in interest against $176 at the national average, before tax; a CD locks its rate for the term, while the national average is for CDs opened that month.
Who holds your money
- Deposits are held by Sallie Mae Bank, FDIC certificate #58177, based in Salt Lake City, UT, established November 28, 2005 according to the FDIC. CFPB files these under the parent, SLM Corporation.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $20.3 billion in deposits and $28.5 billion in total assets (June 30, 2026 call report). Primary federal regulator: FDIC.
Customer complaints filed with the CFPB
From October 2025 through September 2026, consumers sent the Consumer Financial Protection Bureau 8 complaints about checking or savings accounts at SLM CORPORATION, about 0.39 per $1 billion of deposits; the company responded on time to 100%. Complaint counts grow with the number of customers and cover the whole company, including checking accounts, and the CFPB does not verify each complaint, so treat them as a rough signal. Read the complaints.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How Sallie Mae Bank works
Sallie Mae Bank, best known for student loans, sells standard fixed-rate CDs from 6 to 60 months. Rates jump at 11 months (4.10%) and sit at 4.40% from 12 through 30 months, then edge up to 4.45% at 36 months and 4.50% at 60 months. Each CD needs $2,500, and you cannot add money before maturity. The federal data section on this page compares these rates with the FDIC national averages.
The penalty depends on the term, and the line falls exactly at 12 months. A hypothetical: you open a $10,000 12-month CD at 4.40% APY and close it after 6 months. A 12-month term counts as "twelve months or less," so the penalty is 90 days of simple interest. Using the APY as the rate, that is $10,000 x 4.40% x 90 / 365 = $108.49. Six months of interest is about $10,000 x 4.40% x 6 / 12 = $220.00, so you would keep roughly $111.51. The same move on a 13-month CD at the same rate would cost 180 days, about $216.99.
At maturity the CD renews for the same term. The account terms say Sallie Mae sets the renewal rate, while the CD page FAQ says it renews at the current rate and term, so check the rate before the 10-day grace period ends. To spread money across terms, see our CD ladder guide or the CD calculator.
Pros
- 4.40% APY on every term from 12 to 30 months
- 4.50% APY on the 60-month CD
- Only a 90-day penalty on the 12-month CD
- Credited interest can be withdrawn without a penalty
Cons
- $2,500 minimum deposit and minimum balance
- 6- and 9-month CDs pay only 3.20%
- No 48-month term
- We found no no-penalty, bump-up or IRA CD on its CD page or account terms
Who Sallie Mae Bank fits, and who should skip it
A good fit if
- You have $2,500 or more and want 4.40% or better on a 1- to 5-year CD.
- You want a 12-month CD with a 90-day penalty rather than 180 days.
- You like a short rate lock: the higher of the opening or funding rate within 10 days.
Look elsewhere if
- You have less than $2,500: Synchrony and Barclays have no minimum.
- You want a short CD: the 6-month term pays 3.20%, and Bread Savings paid 4.05%.
- You want a no-penalty CD: Marcus offers an 11-month one.
Limitations to know
- No additional deposits are allowed before maturity. [2]
- Transfers out of an account are capped at $500,000 per transaction; larger CDs are funded by wire or check. [2]
- The penalty is figured on the amount withdrawn and can reduce principal. [2]
- Sallie Mae's phone number is 1-877-346-2756; we could not confirm its service hours. [1]
Sallie Mae Bank compared with alternatives
| Bank | 6-month | 1-year | 3-year | 5-year | Minimum |
|---|---|---|---|---|---|
| Sallie Mae Bank | 3.20% | 4.40% | 4.45% | 4.50% | $2,500 |
| Bread Savings | 4.05% | 4.45% | 4.60% | 4.70% | $1,500 |
| Barclays | 4.00% | 4.50% | 4.50% | 4.75% | $0 |
| Synchrony Bank | 4.10% | 4.20% | 4.40% | 4.50% | $0 |
| Marcus by Goldman Sachs | 3.95% | 4.40% | 4.40% | 4.40% | $500 |
- Pick Bread Savings if you want a higher 18-month rate (4.85%) with a lower $1,500 minimum.
- Pick Barclays if you want a 4.75% 5-year rate with no minimum.
- Pick Synchrony Bank if you want no minimum and a no-penalty CD option.
- Pick Marcus by Goldman Sachs if you want a big-name bank and an 11-month no-penalty CD.
Security and privacy
- CDs are deposits of Sallie Mae Bank, Member FDIC; they are bank CDs, not brokered CDs. [1]
- FDIC insurance covers $250,000 per depositor, per ownership category, and Sallie Mae counts all your accounts at the bank toward that limit; a joint account can be covered up to $500,000. [1]
Recent changes
| Date | What changed |
|---|---|
| Oct 19, 2026 | Rates higher than our September snapshot: 12 months 4.20% to 4.40%, 36 months 4.40% to 4.45%, 60 months 4.40% to 4.50%; 6 months unchanged at 3.20%. [1] |
Sallie Mae Bank FAQ
What is the penalty for withdrawing a Sallie Mae CD early?
For a CD of 12 months or less, 90 days' simple interest on the amount withdrawn; for longer terms, 180 days. The penalty can come out of principal if you have not earned enough interest.
What are Sallie Mae CD rates today?
As of October 19, 2026: 3.20% APY for 6 and 9 months, 4.10% for 11 months, 4.40% for 12, 13, 15, 18, 24 and 30 months, 4.45% for 36 months and 4.50% for 60 months. Rates are for new CDs and fixed once opened.
Does Sallie Mae have a minimum for CDs?
Yes. You need $2,500 to open a CD, and that is also the minimum balance.
Is Sallie Mae Bank FDIC insured?
Yes. Sallie Mae Bank is Member FDIC, with coverage of $250,000 per depositor, per ownership category, counting all your accounts at the bank.
Does Sallie Mae have a 4-year CD?
No. Its CD page lists 11 terms from 6 to 60 months, with nothing between 36 and 60 months.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read Sallie Mae Bank's own CD rate page, deposit account agreement and disclosures, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. Penalty examples are our arithmetic on the bank's stated formula. CD rates for new accounts change often; we re-check them about once a month.
Sources
- Sallie Mae Bank, Certificates of deposit, checked October 19, 2026.
- Sallie Mae Bank, Account terms and disclosures, checked October 19, 2026.
This review is for general information, not financial advice. CD rates for new accounts change often; the rate is fixed only once you open the CD. Confirm the current rate with the bank.