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Sallie Mae helps customers save for education with their online CD products

By Elaine Griffin

Sallie Mae Bank continues to offer competitive rates on their 12, 34, and 60-month online CDs. Annual percentage yields (APY) are as follows: 12-month CDs carry a 1.20 percent APY, 36-month CDs carry a 1.55 percent APY, and 60-month CDs carry a 2.15 percent APY. These rates are accurate as of March 4, 2011. There is no minimum deposit requirement, and no minimum required to earn interest. This account is free when customers choose not to receive paper statements, otherwise there is a five dollar monthly fee. There is a penalty for early withdrawal.

Sallie Mae Bank, was established in and been a member of the FDIC since November 2005. They are headquartered in Utah. Sallie Mae urges customers to use their products to save for education expenses. Accounts are offered online only and are available to customers nationwide.

Bank requirements:

  • This CD must be opened online
  • There is no minimum to open or earn interest
  • There is a penalty for early withdrawal
  • For more details contact Sallie Mae Bank

Account benefits:

  • 12-month CDs carry a 1.20 percent APY
  • 36-month CDs carry a 1.55 percent APY
  • 60-month CDs carry a 2.15 percent APY

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