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expiredsusko posted Aug 01, 2023 05:10 PM
expiredsusko posted Aug 01, 2023 05:10 PM

Sallie Mae: 12-Month High Yield Certificate of Deposit Account (CD)

($2,500 min deposit) & More

5.50% APY

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Deal Details
Sallie Mae is offering 12-Month High Yield Certificate of Deposit Account (CD) at 5.50% APY with $2,500 min deposit.

Thanks to Community Member susko for posting this deal.

Sallie Mae is also offering 18-Month High Yield Certificate of Deposit Account (CD) at 5.55% APY with $2,500 min deposit.

Editor's Notes

Written by megakimcheelove | Staff
  • About this deal:
    • Terms and Conditions here
    • Advertised Interest Rate and Annual Percentage Yield (APY) for Certificates of Deposit may change after maturity, applies to personal accounts only, and are accurate as of 08/02/2023.
    • A penalty may be charged for early withdrawal. Fees could reduce earnings.
    • Funds deposited in an Account and any other account(s) at Sallie Mae Bank are collectively insured up to the applicable limit by the Federal Deposit Insurance Corporation ("FDIC").
  • See the forum thread for additional discussion of this deal.

Original Post

Written by susko
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Sallie Mae is offering 12-Month High Yield Certificate of Deposit Account (CD) at 5.50% APY with $2,500 min deposit.

Thanks to Community Member susko for posting this deal.

Sallie Mae is also offering 18-Month High Yield Certificate of Deposit Account (CD) at 5.55% APY with $2,500 min deposit.

Editor's Notes

Written by megakimcheelove | Staff
  • About this deal:
    • Terms and Conditions here
    • Advertised Interest Rate and Annual Percentage Yield (APY) for Certificates of Deposit may change after maturity, applies to personal accounts only, and are accurate as of 08/02/2023.
    • A penalty may be charged for early withdrawal. Fees could reduce earnings.
    • Funds deposited in an Account and any other account(s) at Sallie Mae Bank are collectively insured up to the applicable limit by the Federal Deposit Insurance Corporation ("FDIC").
  • See the forum thread for additional discussion of this deal.

Original Post

Written by susko

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Top Comments

freshsqueezed
3828 Posts
6449 Reputation
Fyi, Sallie Mae is FDIC insured.
LawrenceT6420
1145 Posts
192 Reputation
No it means they can stop offering it at anytime. But once you buy your cd. Your account is locked
jiggyblau
4036 Posts
3655 Reputation
It is not.

"Penalties for Early Withdrawal. As noted above, a penalty will be imposed for withdrawals of principal before maturity. If your CD has a maturity of twelve (12) months or less, the penalty we impose will equal ninety (90) days' simple interest on the amount withdrawn subject to penalty. If your CD has a maturity greater than twelve (12) months, the penalty we impose will equal one hundred eighty (180) days' simple interest on the amount withdrawn subject to penalty. If the amount required to be forfeited is greater than the interest earned or paid on your CD, we will deduct the difference from principal. In certain circumstances, such as the death or incompetence of an Accountholder, the law permits, and in some cases requires, the waiver of the early withdrawal penalty."

It's on their huge terms page here [salliemae.com].

111 Comments

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Pro
Aug 01, 2023 05:25 PM
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freshsqueezed
Pro
Aug 01, 2023 05:25 PM
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Fyi, Sallie Mae is FDIC insured.
6
Aug 02, 2023 04:19 AM
606 Posts
Joined May 2008

This comment has been rated as unhelpful by Slickdeals users.

Aug 02, 2023 04:23 AM
1,145 Posts
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LawrenceT6420Aug 02, 2023 04:23 AM
1,145 Posts
Quote from nicktoday8 :
From the small print (makes me a bit nervous): SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.


I know they're FDIC insured so you can get your $ back, but does this mean they can modify the rate and you don't get the 5.5%?
No it means they can stop offering it at anytime. But once you buy your cd. Your account is locked
Aug 02, 2023 05:05 AM
1,124 Posts
Joined Apr 2015
DaronMaxAug 02, 2023 05:05 AM
1,124 Posts
Is this a no penalty cd? Thanks
3
Aug 02, 2023 05:16 AM
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jiggyblauAug 02, 2023 05:16 AM
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Quote from DaronMax :
Is this a no penalty cd? Thanks
It is not.

"Penalties for Early Withdrawal. As noted above, a penalty will be imposed for withdrawals of principal before maturity. If your CD has a maturity of twelve (12) months or less, the penalty we impose will equal ninety (90) days' simple interest on the amount withdrawn subject to penalty. If your CD has a maturity greater than twelve (12) months, the penalty we impose will equal one hundred eighty (180) days' simple interest on the amount withdrawn subject to penalty. If the amount required to be forfeited is greater than the interest earned or paid on your CD, we will deduct the difference from principal. In certain circumstances, such as the death or incompetence of an Accountholder, the law permits, and in some cases requires, the waiver of the early withdrawal penalty."

It's on their huge terms page here [salliemae.com].
2
Aug 02, 2023 05:51 AM
675 Posts
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alimdaAug 02, 2023 05:51 AM
675 Posts

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I'm guessing the 4-Week T-Bill will be auctioned at 5.5% on 8/2/23.
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1
Aug 02, 2023 10:14 AM
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HawaiianaAug 02, 2023 10:14 AM
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This or Tbills?
1

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Aug 02, 2023 10:22 AM
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iahawks550Aug 02, 2023 10:22 AM
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Quote from Hawaiiana :
This or Tbills?
There are a lot of variables to ask this question.
Aug 02, 2023 11:05 AM
4,720 Posts
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thegman230Aug 02, 2023 11:05 AM
4,720 Posts
ACH transfer limits? Hard or soft check?
Last edited by thegman230 August 2, 2023 at 05:09 AM.
Aug 02, 2023 11:17 AM
1,636 Posts
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HawaiianaAug 02, 2023 11:17 AM
1,636 Posts
Quote from iahawks550 :
There are a lot of variables to ask this question.
Have 160K CD that just matured. Thinking of reinvesting to something. I never had bought Tbills before. I don't need the money for the next year or so. What would be the Best thing for me to do?
Aug 02, 2023 11:20 AM
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iahawks550Aug 02, 2023 11:20 AM
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Quote from Hawaiiana :
Have 160K CD that just matured. Thinking of reinvesting to something. I never had bought Tbills before. I don't need the money for the next year or so. What would be the Best thing for me to do?
No state tax on Tbills if that is of consequence.
The treasurydirect website can be a PITA (for some...it wasn't for me) if not using a brokerage firm
Rates should be similar
1
Aug 02, 2023 12:13 PM
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Wyvern1Aug 02, 2023 12:13 PM
1,370 Posts
would bite if it was a brokered cd
Aug 02, 2023 01:11 PM
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ryan3531Aug 02, 2023 01:11 PM
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Quote from Hawaiiana :
Have 160K CD that just matured. Thinking of reinvesting to something. I never had bought Tbills before. I don't need the money for the next year or so. What would be the Best thing for me to do?
SGOV is an ETF that ladders short term T-bills. Every month it craps out a dividend and it's much easier to liquidate if you need to than T-bills that you buy directly. Not FDIC insured though, but if the government defaults on treasuries then FDIC insurance is probably toast too, so it seems pretty safe.
2
Aug 02, 2023 01:12 PM
11,148 Posts
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boosterjmAug 02, 2023 01:12 PM
11,148 Posts
Quote from Wyvern1 :
would bite if it was a brokered cd
What's the difference ?

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Aug 02, 2023 01:30 PM
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m.oneill.pittsburghAug 02, 2023 01:30 PM
117 Posts
SGOV is way better. Why do a CD when you can just buy SGOV from any broker?
1

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