Sallie Mae Bank CD Review (September 2026): 4.40% APY on 15, 36 and 60 Months
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates checked against salliemae.com on September 24, 2026 · Updated
Sallie Mae Bank pays 4.40% APY on its 15-, 36- and 60-month CDs, as of September 24, 2026. The 24- and 30-month pay 4.35%, the 12-month 4.20%, and the 6- and 9-month only 3.20%. You need a $2,500 balance to earn interest. The 15-month matches the 5-year rate with a much shorter lock.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 4.50%, the top nationally available 5-year CD (DepositAccounts, September 24, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $118,826 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $7,310 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Sallie Mae Bank CD rates today
| Term | APY |
|---|---|
| 6 months | 3.20% |
| 9 months | 3.20% |
| 11 months | 4.10% |
| 12 months | 4.20% |
| 13 months | 4.20% |
| 15 months | 4.40% |
| 18 months | 4.30% |
| 24 months | 4.35% |
| 30 months | 4.35% |
| 36 months | 4.40% |
| 60 months | 4.40% |
What stands out
- 15 months pays the same as 5 years. 4.40% for a 15-month lock is the value pick on this sheet.
- Short terms are weak. 6 and 9 months pay 3.20%.
- $2,500 minimum balance to keep earning interest, higher than Marcus ($500) or Synchrony ($0).
- Automatic renewal at maturity, at the rate then in effect.
- FDIC: Sallie Mae Bank, cert 58177.
How the Sallie Mae 60-month compares
| 5-year option | APY | As of |
|---|---|---|
| Sallie Mae 60-month CD | 4.40% | Sept 24, 2026 |
| Capital One 360 60-month CD | 3.60% | Sept 24, 2026 |
| Navy Federal 5-year certificate ($1K / $100K+) | 3.85% / 3.90% | Sept 24, 2026 |
| Best nationally available 5-year CDs | 4.35%-4.50% | Sept 24, 2026 |
| A-rated-or-better 5-year MYGAs | ~5.80%-6.00% | Sept 24, 2026 |
Rates expire like milk.
The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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Who Sallie Mae CDs fit
- Savers with $2,500 or more who want 15 months to 3 years at a top-tier rate.
- Anyone who wants the 5-year rate without the 5-year lock: the 15-month pays the same 4.40%.
Less of a fit: balances under $2,500, and money needed within 9 months.
Sallie Mae 60-month CD vs. a 5-year MYGA
| $250,000 for 5 years | Sallie Mae 60-month CD | 5-yr MYGA at 5.80% |
|---|---|---|
| Rate | 4.40% APY | 5.80% (fixed for the term) |
| Tax on interest | Every year (1099-INT) | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$294,700 | ~$311,900 (tax paid at the end) |
| Protection | FDIC, $250K per ownership category | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting out early | Interest penalty | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $17,200 more after tax on the MYGA (24% federal bracket, state tax ignored). For money you may need inside two years, or that must stay FDIC-insured, the CD is the right tool. Fixed annuity benchmark: carriers rated A or better topped out around 5.80% to 6.00% on 5-year compound-interest MYGAs, per AnnuityRateWatch data, September 24, 2026. Rates vary by state, premium and carrier.
A multi-year guaranteed annuity (MYGA) is the insurance version of a CD: one fixed rate for a set term. As of September 24, 2026, A-rated-or-better insurers were paying about 5.80% to 6.00% on 5-year MYGAs. The best nationally available 5-year CDs paid about 4.35% to 4.50% APY, and big-institution 5-year CDs less (Capital One 360 60-month 3.60%, Navy Federal 5-year 3.85 to 3.90%). A MYGA also defers the tax, where a CD or money market fund is taxed every year on interest you have not spent.
The trade is liquidity: breaking a MYGA early costs a surrender charge, not a few months of interest, and it is backed by the insurer and your state guaranty association rather than the FDIC. See the side-by-side · Current MYGA rates
Sources, all as of September 24, 2026: AnnuityRateWatch carrier rate data (MYGAs; rates vary by state, premium and carrier); DepositAccounts 5-year CD table; capitalone.com; navyfederal.org. Rates change often; confirm before you buy.
Related: best 5-year CD rates · Marcus CD review · Synchrony CD review
Sallie Mae CD rates: FAQ
What are Sallie Mae CD rates today?
As of September 24, 2026: 6 and 9 months 3.20% APY, 11 months 4.10%, 12 and 13 months 4.20%, 15 months 4.40%, 18 months 4.30%, 24 and 30 months 4.35%, and 36 and 60 months 4.40%.
What is the Sallie Mae 5-year CD rate?
4.40% APY on the 60-month CD as of September 24, 2026, the same as the 15-month and 36-month terms.
What is the minimum for a Sallie Mae CD?
Sallie Mae requires a $2,500 minimum balance in the CD to keep earning interest.
Are Sallie Mae CDs FDIC insured?
Yes. Sallie Mae Bank (FDIC cert 58177) deposits are insured up to $250,000 per depositor, per ownership category.
What happens when a Sallie Mae CD matures?
It renews automatically. Sallie Mae says CD rates may change after maturity, so check the renewal rate before the CD rolls over.
Sallie Mae 60-month CD or a 5-year MYGA?
For money you will not touch for five years, a MYGA usually pays more: roughly 5.80%-6.00% from A-rated-or-better insurers on September 24, 2026 versus 4.40% at Sallie Mae, with tax deferral. On $250,000 (24% federal bracket) that is about $17,200 more after tax.
What is the Sallie Mae CD early withdrawal penalty?
Sallie Mae charges 90 days of interest for early withdrawal on CDs of 12 months or less and 180 days of interest on longer terms, per its current CD disclosure. The penalty can reduce principal if you withdraw very early, so plan to hold to maturity.
Is Sallie Mae Bank the same as the student loan company?
Sallie Mae Bank is an FDIC-insured online bank owned by SLM Corporation. It no longer services federal student loans; that business was spun off as Navient in 2014. Its CDs are bank deposits, not loans.
My take
Sallie Mae's 4.40% on 15, 36 and 60 months is near the top of nationally available CD rates, and the 15-month is the best value on the sheet. For five-year money that does not need FDIC insurance, compare a MYGA quote before locking in.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) and is not affiliated with Sallie Mae Bank. Rates are copied from the sources named, as of the date shown; confirm the current rate before opening. MYGA figures are illustrations, not quotes.
Sallie Mae CD renewing? See what a MYGA pays first
Talk to Hans Goldstein, a licensed independent insurance producer.
Sallie Mae's 60-month CD pays 4.40% APY, taxed every year. A-rated 5-year MYGAs were paying about 5.80%-6.00% on September 24, 2026, tax-deferred.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. CD rates change frequently, typically weekly. Money Market Account rates are variable and can change at the bank's discretion. Always confirm current values against the bank's published disclosure before opening an account. MYGA rates change monthly; always confirm against the carrier's most recent rate sheet and contract before purchasing. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) appointed with multiple A-rated annuity carriers and is not a bank, is not affiliated with Sallie Mae Bank or SLM Corporation, and does not sell CDs. No compensation has been received from any bank or carrier in connection with the publication of this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity. CDs and MYGAs are long-term contracts with early-withdrawal penalties; they are not suitable for funds you may need before maturity. FDIC coverage limits and state insurance guaranty association limits are subject to change.