Sallie Mae Bank Certificate of Deposit

Sallie Mae's CD rates are genuinely competitive. The 4.00% APY available on the 13-month, 18-month, and 60-month terms sits meaningfully above the Fed Funds Rate of 3.63%, representing a positive real spread of roughly 0.37 percentage points — a meaningful cushion in today's rate environment. The 36-month term at 3.95% and the 30-month at 3.90% also beat the benchmark, making mid-range terms attractive for savers who want some duration without going all-in on a five-year lock. Shorter terms (6- and 9-month at 3.20%) lag the category average for online banks, so if you're parking money for under a year, you can likely do better elsewhere in SwitchWize's database. The $2,500 minimum is slightly above the online-bank norm but not prohibitive. The automatic renewal feature is a convenience, though savers should calendar their maturity dates to avoid rolling into a potentially lower post-maturity rate. No monthly fees and full FDIC coverage round out a clean, no-surprise product. Best positioning: the 13-month or 18-month term at 4.00% APY for savers who want top-tier yield without committing to multi-year lock-up.