Sallie Mae is an institution that is best known for its educational services such as student loans. It currently serves 23 million customers and it offers various education products such as savings tools, tuition payment plans and educational loans that help college students get the education they need in a financially affordable way.
Despite this main function, Sallie Mae has diversified into more investment opportunities and is now offering money market accounts, savings accounts and certificates of deposit. One of the best things about this is that the institution is offering CD rates at nationally competitive annual percentage yields.
Below are some of the CD rates provided by Sallie Mae:
* 12 month CD – 1.20% APY
* 36 month CD – 1.36% APY
* 60 month CD – 1.66% APY
Term choices are limited for Sallie Mae since they only offer three time choices. But despite this minor setback, the rates they give for each term is considerably good. Let’s take a look at some comparisons for each of Sallie Mae’s rates as compared to the nation’s top lenders.
Right now, the top contender for the 12 month CD is AloStar Bank of Commerce with a 1.21% APY. Although this is higher than Sallie Mae, there is very little difference and Sallie Mae obviously comes to a close second.
For 36 month or 3 year CD’s, the leading bank is Discover Bank with 1.70% APY. This is a far cry from what Sallie Mae is currently offering but the institution is still above the national average which is now at 1.22%. The same also goes for the 60 month CD where the national average is lower at 1.34%, however other banks such as First Internet Bank of Indiana is offering the rate as high as 2.24%.
Despite falling behind on other rates other than the 1 year CD, Sallie Mae is still offering interest rates that are higher than the average. For those who are planning to invest in a 24 month CD, Sallie Mae would be a good choice after AloStar.