Supporting Education and Smarter Saving: Sallie Mae Bank

One of Sallie Mae Bank’s core beliefs is that education, in all forms, helps people achieve great things. Guided by that belief, Sallie Mae Bank has provided financing to countless learners seeking to better themselves and their careers through higher education.

But Sallie Mae Bank doesn’t just provide loans to students, nor does it stop at offering valuable guidance around college preparation and obtaining scholarships. Sallie Mae Bank is also a source of exceptional savings products — and it’s now part of the Raisin network of financial institutions.

Sallie Mae Bank focuses on helping aspiring college and graduate school students in five key ways: planning and saving for the future; paying for college; building credit; reaching that next big goal; and making responsible financial decisions. Sallie Mae Bank’s products and resources are all organized around those pillars.

The decades-old bank provides customers with a trove of information about scholarships, grants and other forms of aid, and offers tools that help those considering student loans what options are right for them.

Like all the banks that offer savings products through Raisin, Sallie Mae Bank is an FDIC member bank, meaning that deposits you make into a Sallie Mae Bank savings product are protected by FDIC insurance up to the applicable legal limits.

For its debut products available exclusively through Raisin, Sallie Mae Bank has chosen to offer no-penalty CDs — a type of term deposit that may be a wise choice when you want to earn competitive rates but maintain the flexibility to access your savings.

A traditional fixed-term CD (certificate of deposit) ties up your funds for a set period of time, and withdrawing funds before the CD matures may result in a penalty fee. But with no-penalty CDs, you can make a withdrawal of the account’s full balance before the term is over and you won’t incur a penalty. (Learn more about no-penalty CDs here.)

Raisin customers have their choice of a 10-month no-penalty CD from Sallie Mae with a return of 1.85% APY and a 14-month no-penalty CD offering 2.20% APY. Again, these two products function similarly to standard CDs, but with the added peace of mind you can access your funds without penalty if the need unexpectedly arises.

Ready to tap into an exceptional rate with Sallie Mae Bank? View their offering here, or click the button below, and select a no-penalty CD that’s right for you.