Certificate Of Deposit (CD)

A blog about certificates of deposit (CD's)
and other popular money-market instruments.

Thursday, February 15, 2018

Rates on Sallie Mae Bank High-Yield Savings, Certificate of Deposit, and Money-Market Accounts Now Among Most Competitive in the Marketplace

Here's a clip from today's press release:

"...Sallie Mae Bank -- the retail banking arm of Sallie Mae, the nation’s saving, planning, and paying for college company -- today announced new, competitive interest rates on its high-yield savings, certificate of deposit (CD), and money market accounts, increasing them to some of the most favorable yields available in today’s marketplace.

Sallie Mae Bank’s money market account now carries a 1.50 percent annual percentage yield (APY), which is 16 times higher than the Bankrate.com national average. The account requires no minimum balance to open the account and has no monthly maintenance fees. Customers can transfer money free of charge, and easily manage their accounts online.

Sallie Mae Bank’s high-yield savings account now carries a 1.35 percent APY -- 11 times higher than the Bankrate.com national average -- with no minimum balance to open the account and no monthly maintenance fees. Customers can also transfer money free of charge and easily manage their accounts online.

In addition, Sallie Mae Bank’s 12-month CD is now available at a 2.00 percent APY, while the 18-month CD offers a 2.05 percent APY, the 24-month CD carries a 2.30 percent APY, the 36-month CD now has a 2.20 percent APY, and the 60-month CD offers a 2.50 percent APY. Sallie Mae Bank’s CDs have no monthly fees and guaranteed rates over the life of the account, with a minimum balance of $2,500.

'We are committed to helping our customers save for college and other financial goals with responsible, sound, and competitively priced banking products and services,' said Paul Thome, president, Sallie Mae Bank. 'Our new savings rates -- which are some of the most competitive in the market today -- can help families do just that.'..."

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Term Interest Rate§* APY§*
60 months 2.86% 2.90% APY
36 months 2.81% 2.85% APY
30 months 2.81% 2.85% APY
24 months 2.76% 2.80% APY
18 months 2.57% 2.60% APY
15 months 2.47% 2.50% APY
13 months 2.42% 2.45% APY
12 months 2.47% 2.50% APY
11 months 2.18% 2.20% APY
9 months 1.83% 1.85% APY
6 months 1.29% 1.30% APY


* = Advertised Interest Rate and Annual Percentage Yield (APY) for Certificates of Deposit may change after maturity, apply to personal accounts only, and are accurate as of 02/09/2018. A penalty may be charged for early withdrawal. Fees could reduce earnings. Please refer to the Account Terms and Conditions Agreement for details.

§ = Rates listed in this table were updated on August 21, 2018.

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