Sallie Mae logo

14 month no-penalty CD

  • {62be0a6822835f0001d573e1-APY} APY no-penalty CD, {62be0a6822835f0001d573e1-APY}{FDIC-12-M-CD} higher than national average.

  • FDIC insured. No fees. $1 minimum deposit.

  • Putting educational and financial success within reach for more than 50 years.

Start Saving
Sallie Mae logo

14 month no-penalty CD

  • {62be0a6822835f0001d573e1-APY} APY no-penalty CD, {62be0a6822835f0001d573e1-APY}{FDIC-12-M-CD} higher than national average.

  • FDIC insured. No fees. $1 minimum deposit.

  • Putting educational and financial success within reach for more than 50 years.

Start Saving

What is a No-Penalty CD?

Think of a no-penalty CD as a twist on a traditional certificate of deposit. No-penalty CDs are similar to traditional CDs except for one key difference. The terms of a traditional CD often impose limitations or penalties or even full restrictions on withdrawals before the account reaches maturity. When does a CD reach maturity? At the conclusion of its term length following the purchase date.

Like its name suggests, a no-penalty CD does not impose early withdrawal penalties if you need to tap your savings before the term is complete. No-penalty CDs are also sometimes known as liquid CDs, as they offer considerable liquidity by allowing you access to your deposited funds. While no-penalty CDs typically offer lower rates than fixed-term CDs, they still provide a higher rate than most regular savings accounts.

If you do need to access funds invested in a no-penalty CD before the term is over, don’t expect to make a partial withdrawal, as that’s typically not allowed; you’ll have to extract its full value, closing the account. You also cannot make incremental, top-up deposits after the first purchase; this is true of both fixed-term and no-penalty CDs.

No-Penalty CDs vs. Fixed-Term CDs

No-Penalty CDs
Rates are higher for longer term lengths, and generally exceed what high-yield savings accounts offer

VS

Fixed-Term CDs
Rates are higher for longer term lengths, and typically are more competitive than no-penalty CDs of the similar term length
No-Penalty CDs
Closing the account early is permitted without penalty. Earnings may be affected by early withdrawal. Partial withdrawals of funds are not permitted

VS

Fixed-Term CDs
Closing the account early may not be permitted, or may incur a penalty fee. Partial withdrawals of funds are not permitted
No-Penalty CDs
A one-time deposit opens the account. No deposits permitted thereafter

VS

Fixed-Term CDs
A one-time deposit opens the account. No deposits permitted thereafter
No-Penalty CDs
Rate is fixed for the duration of the account’s term

VS

Fixed-Term CDs
Rate is fixed for the duration of the account’s term

About Sallie Mae Bank

A group of friends walking happily

Sallie Mae believes that education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, Sallie Mae provides financing and know-how to support access to college and offers products and resources to help customers make new goals and experiences, beyond college, happen. Now, exclusively through SaveBetter, Sallie Mae is offering savers at all stages in their financial journey a suite of highly competitive savings products that enable their growth, including no-penalty certificates of deposit.

Education

Devoted to Education

By supporting customers' educational goals, Sallie Mae is putting their personal and financial success within reach

Savings Product

Decades of Experience

Sallie Mae is a 50-year-old institution, with a track record of instilling good money habits across generations of Americans

stack of coins

Exceptional Savings

The competitive products offered by Sallie Mae exclusively through SaveBetter are avialable to savers nationwide

Security Is Our Top Priority

FDIC

FDIC logo

Sallie Mae is a member of the FDIC. Deposits in Sallie Mae are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

Cybersecurity is a top priority at SaveBetter

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include Multi-Factor authentication, encryption, and Cloudflare advanced internet protection and monitoring. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Sallie Mae Bank, Powered by SaveBetter

Family enjoying outdoor time

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

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

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

Press

Read what the media is saying about SaveBetter.

  • U.S News

    Deposit Solutions is launching its savings portal in the United States

    Read article

Open an Account in 3-5 Minutes

Select a product

Select

the right product for your savings goals.

Register for a SaveBetter account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new SaveBetter account.

FAQs

Call us: 844-994-EARN (3276)(Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)

The SaveBetter name and logo are trademarks of Raisin US LLC. The Raisin Solutions US name and logo are trademarks of Raisin GmbH, used with permission. Sallie Mae is a trademark of Sallie Mae Bank, used with permission.

© 2023 Raisin US LLC. All rights reserved.

*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to facilitate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through SaveBetter.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis and Clark Bank is the Custodian Bank.