APY GUY: Maximize Your Savings & Earnings

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E-Trade Premium Savings Account – Now 4.25% APY!

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E-Trade has teamed up with Morgan Stanley to offer banking products along with their well-renowned brokerage services.

This account is ideal for those who use E-Trade on the brokerage side and would like to earn a competitive APY (annual percentage yield) on uninvested funds.

Money can be moved seamlessly from brokerage account to premium savings account with easy access to your funds and quick deposits.

E-Trade’s Premium Savings account currently pays an APY of 4.25% on all balances and has no minimum deposit requirements or balance requirements to maintain.

To see if this account is right for you, continue reading our review below.

E-Trade Premium Savings Rate + Account Details

image credit: etrade.com

As mentioned the E-Trade Premium Savings Account has no minimum deposit requirement to open it nor any balance requirement to maintain it. That said, if you open the account and fail to fund it within 30 days, they will close the account.

Premium Savings Account Rate

Min. DepositAPY
$04.25%
APY = Annual Percentage Yield

To put this yield into context, the national average for a savings account and a money market account sit at just 0.42% APY and 0.63% APY, respectively, according to FDIC data.

There are, however, a few online banks and nationally available credit unions now paying over the 5.00% APY mark on variable rate savings accounts.

All funds are federally insured by the FDIC up to $500,000. This is double the normal coverage of $250,000 for deposits held at most banks and credit unions.

Compounding and Crediting Interest

The E-Trade Premium Savings account features daily compounding interest. Interest begins compounding on the date of your initial deposit and continues until the last full day prior to the withdrawal.

Interest is credited to your account monthly.

Opening the Account

The account is available to consumers nationwide and can be opened online in minutes. E-Trade also has branches in 17 states where you can stop by to open the account in-person if you’d prefer. Below are the following states in which E-Trade has branches. You can locate a specific branch here.

  • Arizona
  • California
  • Colorado
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • North Carolina
  • Oregon
  • Pennsylvania
  • Texas
  • Washington

Managing the Account

Once your account is open, you can transfer money between your brokerage account and the Premium Savings account easily and you’ll have instantaneous access to your transferred funds.

If you’re depositing funds via the mobile app, only a portion of your funds will be immediately available. You must wait until the 4th business day to access the full deposit. This is similar to Robinhood and other brokerage accounts with savings features.

E-Trade’s apps receive relatively high ratings. Their IOS app has a 4.6 out of 5 star rating with nearly 140k ratings and their Android app has a 3.9 out of 5 star rating with over 41k reviews.

How E-Trade Premium Savings Compares

E-Trade offers one of the highest yields on the market for brokerage accounts with FDIC-insured savings account options.

For comparison see the chart below:

BrokerageAPY on idle cash
E-Trade4.25%
Robinhood1.50% – or – 4.90% with Gold
SoFi4.50%
Fidelity2.72%
Interest rates surveyed August 17, 2023.

Final Thoughts

If you are already an active trader on E-Trade and are in the market for a savings account to park uninvested cash, then opening up the Premium Savings Account by E-Trade via Morgan Stanley is a no-brainer.

That said, if you’re just in the market for a high yield, FDIC-insured savings account or money market account without any brokerage account tied to it, then slightly higher yields can be found through a handful of online banks and credit unions with nationwide acceptance.

State Bank of Texas CD Rates – Now up to 5.55% APY!

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The State Bank of Texas, founded in 1987, has a unique and interesting background.

They are the largest Indian-American owned bank in the country which found their niche in the hospitality industry. Today, they are that sector’s largest lender.

For consumers looking to earn interest on a personal deposit account, the State Bank of Texas has two noteworthy FDIC-insured options with rates significantly above the national average. They are:

  • a 12 month CD yielding 5.55% APY with a minimum deposit requirement of $25,000.
  • a money market account yielding 3.56% APY with a minimum deposit requirement of $100,000.

For this review, we’ll be focusing solely on the 12 month CD given it has one of the highest yields on the market.

Although based out of Texas, consumers nationwide can take advantage of these products.

State Bank of Texas CD Rates + Account Details

image credit: statebnk.com

The State Bank of Texas only offers consumers one certificate of deposit at this time. It is a 12 month CD with an outstanding rate if you can meet the steep minimum deposit requirement.

CD Rate

TermMin. DepositAPY
12 months$25,0005.55%
APY = Annual Percentage Yield

To put this yield into perspective, the national average for a 12 month CD sits at just 1.72% according to recent FDIC data, however, top yields from online banks and nationally available credit unions are inching over the 5.50% APY mark with State Bank of Texas’s 12 month CD offer being among the rate leaders.

The minimum deposit of $100,000 that the State Bank of Texas requires is quite high for a bank CD. Most online banks and credit unions set minimum deposit requirements between $0 – $2,500 – with the vast majority requiring minimum deposits of $1,000 or less.

The State Bank of Texas raised their minimum deposit requirement from $25,000 to the current $100,000 in the first half of 2023.

Interest

The interest on this CD is compounded and paid monthly via ACH transfer. You can also have this added back annually if you wish to renew the CD.

Funding Your Account

To open an account you must be at least 18 years old with a valid driver’s license or other government issued ID. You will also need your social security card handy if you do not know your number. Opening the account usually takes around 20 minutes.

To transfer funds you’ll need to send a physical check or wire the funds. For the latter, you’ll need your bank or credit union’s routing number plus your bank account number from which the funds will be withdrawn.

Physical Locations

If you’d prefer to open a CD in person you’ll need to stop by one of the State Bank of Texas’s 9 locations. They have 5 locations in Texas – most notably Houston and Dallas – as well as 4 locations in Chicago, IL – mainly at the airports. See all of their locations here.

How Much Can You Make with a CD from State Bank of Texas?

The amount of money you can earn with the 12 month CD from State Bank of Texas is going to depend on your deposit size. Take a look at the table below showing earnings based on a few different deposit amounts.

Deposit SizeCD Term and APYEarnings
$100,00012 months, 5.55%$5,550.00
$150,00012 months, 5.55%$8,325.00
$250,00012 months, 5.55%$13,875.00
Earnings = Sum of all interest payments through maturity.

How do State Bank of Texas CD Rates Compare?

To get a better idea of how the State Bank of Texas CD rate compares to other online CDs, take a look at the table below.

InstitutionBest CD Rate (APY)
First Tech Federal Credit Union5.35%
Bread Savings5.35%
HSBC4.85%
American Express4.75%
State Bank of Texas5.55%
CD rates surveyed on August 17, 2023.

State Employees’ Credit Union CD Rates: Up to 5.60% APY!

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The State Employees’ Credit Union of North Carolina has certainly come a long way since its humble beginnings. Incorporated in 1937, the credit union began its operation in the basement of the agriculture building in Raleigh, NC. Today, they are the second largest credit union in the country both by assets and members – serving over 2.1 million members with over $40.6 billion in assets.

Despite their size, State Employees’ Credit Union (NCSECU) is fairly exclusive. They only offer membership to select groups, most of which are based in North Carolina. If you are eligible to join, however, they offer some fairly competitive rates on many of their deposit products.

These personal banking products include:

  • checking accounts
  • money market accounts
  • certificates of deposit (6 to 60 month terms)
  • IRA (individual retirement accounts)

In our review below, we will cover their APY (annual percentage yield), details and features of these products as well as go over the membership requirements for State Employees’ Credit Union.

State Employees’ Credit Union is federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

State Employees’ Credit Union CD Rates + Account Details

image credit: ncsecu.org

State Employees’ Credit Union has eight standard term certificates of deposit that range from 6 months to 5 years and come with a minimum deposit requirement of $250.

CD Rates

TermAPY
6 months4.50%
12 months5.60%
18 months5.25%
24 months4.30%
30 months3.00%
36 months3.10%
48 months3.20%
60 months3.50%
APY = Annual Percentage Yield

To give these offers some context, the current national average on a 12 month CD and a 5 year CD sit at just 1.72% APY and 1.37% APY, respectively, according to recent FDIC data.

How Much Can You Make with a CD from SECU?

The amount of money you can earn with a State Employees’ Credit Union CD depends on your deposit size, the CD’s term and its going APY (annual percentage yield).

Take a look at the table below which displays potential earnings on a few of SECU CDs assuming a deposit size of $10,000.

CD TermAPYEarnings
6 months4.50%$222.52
12 months5.60%$560.00
2 years4.30%$878.49
5 years3.50%$1,876.86
Earnings = Sum of all interest payments through maturity.

How Do CFSB’s CD Rates Compare?

To get a better idea of how SECU’s best CD rate compares to some of the other top CD rates offered by NCUA-insured credit unions, then take a look at the table below.

BankBest CD Rate (APY)
Alliant Credit Union5.20%
Delta Community Credit Union5.00%
Langley Federal Credit Union5.25%
Mountain America Credit Union5.50%
SECU5.60%
CD rates surveyed on August 16, 2023.

Interest and Payments

Unfortunately, with State Employees’ Credit Union CDs you will not receive compounding interest on your funds. This is a bit unusual for credit unions or banks to only provide interest on your principal, but not unheard of. That said, you will still receive daily interest on your principal. Due to this, your APY (annual percentage yield) will be the same as the interest rate.

Interest payments are deposited to another SECU account every month selected by the owner. This is ideal for those living off of interest for income.

Early Withdrawal Penalties

If you need your funds prior to your deposit maturity, SECU will impose an early withdrawal penalty equal to 90 days of interest, or all interest accrued, whichever is less.

This is much more lenient than most early withdrawal penalties we see which tend to increase with the term. And in some cases we’ve even seen penalties dip into the principal.

Money Market & Other Variable Rate Accounts

State Employees’ Credit Union offers six variable-rate “Share” accounts that earn interest. These are:

  1. Share,
  2. Zard Share,
  3. FAT CAT Share,
  4. Summer Cash,
  5. Holiday Cash Club, and
  6. Money Market Share

The Share account is required to establish membership. It has a $25 minimum deposit requirement as well as a $25 minimum balance requirement to maintain membership.

The Zard Share is a savings account designed for teens to save money, build good savings habits, and learn about budgeting. There are also a variety of tools with this account, but you must be ages 13 – 19 to open one.

The FAT CAT Share account is a more basic version of the Zard Share account. It is for children 12 and under.

The Summer Cash account is designed for teachers and educators and those who work 9, 10 or 11 months out of the year. It helps you save money from each paycheck during the school year and allows for access to these funds during the summer.

The Holiday Cash Club account helps people save money throughout the year for holiday shopping. Deposits can be made up until the last business day of October at which point the funds are transferred to your Share, money market or checking account.

The Money Market Share account is a fairly standard MMA. It comes with a minimum deposit requirement of $250. You will also have to maintain this as your monthly balance to earn dividends. Dividends are compounded daily and paid monthly.

Share Account Rates and Minimum Deposit Requirements

Below are the interest rates associated with the six Share accounts mentioned above. To put these offers in perspective, the average APY on a savings account sits at just 0.42% currently.

AccountMin DepositAPY
Share$250.10%
Zard Share$250.10%
FAT CAT Share$50.10%
Summer Cash$05.60%
Holiday Cash$00.10%
Money Market Share$2501.01%
APY = Annual Percentage Yield

These rates are variable and subject to change at any time without notice.

Membership and Eligibility

As mentioned, despite its membership size, State Employees’ Credit Union is quite exclusive. Below is a list of eligibility requirements. You must meet ONE of these to join. Upon joining you will also need to open and maintain a Share account with at least $25.

  • Employees of the state of North Carolina
  • Federal employees assigned to North Carolina state agencies (for example, a federal US Department of Agriculture employee assigned to work at the North Carolina Department of Agriculture)
  • Employees of public boards of education
  • Members of the North Carolina National Guard
  • County employees of Social Services, Health, Mental Health and Civil Defense
  • Employees of associations formed for the benefit of state of North Carolina employees (e.g., State Employees’ Association of North Carolina)
  • Employees of agencies or departments whose employees are subject to the State Personnel Act
  • Individuals retired from the above employment or service as pensioners and/or annuitants from the above employment or service. This includes former employees who are “vested” and have not withdrawn or terminated future eligibility to be a pensioner and/or annuitant.
  • Un-remarried spouses of persons who died while in the field of membership
  • Immediate family (spouse, parents, siblings and children) of a current member
  • Individuals sharing a single economic unit with a current member

Citibank CD Rates – Now up to 5.55% APY!

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Citibank has been a household name for generations. They first opened their doors back in 1812, originally as the City bank of New York and today they are the 4th largest bank in the country by asset size with roughly $2.42 trillion in total.

On the savings side, Citibank has a full product suite of FDIC-insured deposit accounts with both fixed and variable interest rates.

For CDs (certificates of deposit), Citibank has:

  • 19 standard term CDs
  • 2 promotional CDs, and
  • 16 IRA CDs

Most of their CD rates are sitting at or below the national average for each respective term. To see if Citibank’s CDs are right for you, continue reading our review below.

Citibank CD Rates + Account Details

Citibank’s CDs have varying minimum deposit requirements by region. Most states will only have a $500 minimum deposit requirement, but some may have $1,000 or even $2,500. See our table below for a breakdown or proceed to Citi’s Fixed Rate CD page and enter your zip code.

You can apply for and open a Citibank CD online, however, if you plan on depositing more than $250,000 you must stop into one of Citibank’s 700 branch locations across 12 states. You can locate a branch here.

Citibank has 19 certificates of deposit terms to choose from ranging from 3 months to 5 years. If you are looking for IRA CDs they have 17 to choose from with terms also ranging from 3 months to 5 years but with some featuring higher yields than their standalone CD counterparts. You can see Citi’s IRA CD rates and account details further below.

Of the 19 CD terms Citibank offers, 3 are considered “Featured Rate” CDs. These are:

  • a 9 month CD yielding 4.05% or 4.90% APY
  • a 12 month CD yielding 4.05% APY
  • an 18 month CD yielding 4.05% APY

Citibank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. See all yields below.

CD Rates

TermAPY
3 months0.05%
4 months0.05%
5 months0.05%
6 months1.10%
7 months0.05%
8 months0.05%
9 months4.30%
9 months ($100k +)4.90%
10 months0.05%
11 months2.00%
11 months ($100k +)3.00%
12 months4.05%
13 months0.10%
14 months0.10%
15 months4.30%
15 months ($100k +)4.75%
18 months2.50%
18 months ($100k +)3.75%
2 years2.50%
30 months0.10%
3 years2.50%
4 years2.50%
5 years2.50%
APY = Annual Percentage Yield

As you can see they have mostly flat yields across all terms but are slowly introducing new featured rate CDs and promotional CDs that are far more competitive.

To give these yields some context, the current national average for a 12 month CD and a 5 year CD sit at 1.72% APY and 1.37% APY, respectively, according to recent FDIC data, with top yields from online banks inching over the 5.25% APY and 4.50% APY mark for the same respective terms.

Citibank Promotional CDs

Citibank also offers 2 promotional deposits. A “Step Up CD” and a “No Penalty CD.”

The Step Up CD is a 30 month deposit with a composite APY of 0.10%. You can read more about the terms and conditions here.

The No Penalty CD is a 12 month deposit that used to feature a decent APY last year, but is no longer competitive. Funds from this account may be withdrawn penalty-free at any time after six calendar days from opening the account. You can read more about the terms and conditions here.

Related: You may want to check out the Citi Accelerate Savings account which is available in select regions.

Promotional CD Rates

TermDeposit SizeAPY
12 month No Penalty CD$500 – $99,999.994.25%
12 month No Penalty CD$100,000 +4.75%
30 month Step Up CD$500 +0.10%
APY = Annual Percentage Yield

Both the Step Up CD and the No Penalty CD come with minimum deposit requirements of $500.

Citibank IRA CDs

Citibank also offers IRA CDs. These IRA CDs only come with short terms and mostly have low yields other than the highlighted rates below. The highlighted 3 month, 6 month and 18 month (variable rate) IRA CDs feature some of the most competitive yields available anywhere in the country for those respective terms.

TermAPY
3 month5.34%
4 month0.05%
5 month0.05%
6 month5.44%
7 month0.05%
8 month0.05%
9 month5.55%
10 month0.05%
1 year5.55%
18 month Variable CD0.01%
13 month0.10%
18 month3.75%
2 year2.50%
30 month0.10%
3 year2.50%
4 year2.50%
5 year2.50%
APY = Annual Percentage Yield

📌 Please note: The 18 month variable rate IRA CD that Citibank launched back in the Spring of 2022 was their most competitive yield with an APY up to 5.97% at its peak. This promotional rate, which may have brought in many new accounts, is now yielding just 0.01% APY as of August, 2023. This is a common tactic banks deploy with variable rate accounts to bring in new customers before dropping the yield.

Minimum Deposit Requirements

As mentioned, the minimum deposit requirement for all Citibank CDs vary by region. Below is the breakdown.

StateMinimum Deposit
California, Nevada$1,000
Florida, Maryland, Virginia, D.C.$2,500
All other states$500

To open a Citibank CD online you must be a U.S. resident or citizen and at least 18 years old. You will need the following pieces of information to complete your application online:

  • Physical address
  • Date of Birth
  • Social Security Number
  • Email Address
  • Phone Number

To fund the account you will need the bank account number and routing number for the institution you will be transferring the funds from.

Interest on all Citibank CDs compounds daily. For CDs with terms of one year or less, interest is paid to you either monthly or upon maturity. And for CDs with terms longer than one year, interest is paid monthly.

How Much Can you Earn with a Citibank CD?

The amount you can earn on a Citibank CD is going to depend on 3 variables. These are:

  1. Deposit amount.
  2. APY (annual percentage yield).
  3. CD term.

To get a better understanding of your potential overall interest earnings from a Citi CD, we’ve compiled a table below of Citi’s best CD rates and total earnings from interest payments based on a $100,000 deposit.

CD TermAPYTotal Earnings
9 months4.90%$3,652.94
12 months4.05%$4,050.00
15 months4.75%$5,972.34
1 year IRA CD5.55%$5,550.00
Total Earnings = Total interest paid for the duration of the CD.

How do Citibank’s CD Rates Compare?

Below are 3 tables comparing Citibank’s current CD rates with other large U.S. banks, popular FDIC-insured online banks and then brokered CDs offered through major brokerages.

Citibank’s CD Rates vs Other Big Banks

BankMin. DepositBest APY
Citibank$5005.55%
Bank of America$100,0004.70%
Chase$1,0005.00%
U.S. Bank$1,0004.95%
Wells Fargo$5,0004.76%
CD rates surveyed August 16, 2023.

Citibank’s CD Rates vs Online Banks

BankMin. DepositBest APY
Citibank$5005.55%
Barclaysnone5.00%
Bread Savings$5,0005.35%
CIT Bank$1,0005.00%
Discover Bank$2,5005.00%
CD rates surveyed August 16, 2023.

Citibank’s CD Rates vs Brokered CDs

InstitutionMin. DepositBest APY
Citibank$5005.55%
Charles Schwab$1,0005.60%
Edward Jones$1,0005.30%
Fidelity$1,0005.30%
Vanguard$1,0005.60%
CD rates surveyed August 16, 2023.

Grace Period and Early Withdrawal Penalties

Upon the maturity of your Citibank CD you will be provided a 7 calendar-day grace period in which you may modify your CD or close it out without facing any early withdrawal penalties. If nothing is done during this time your CD will automatically renew into a new CD with the same terms and the going APY (annual percentage yield) at that time.

If you need funds prior to the maturity of your CD you will face an early withdrawal penalty. The penalty structure is outlined in the table below.

TermPenalty
1 – 12 months90 days’ interest
13 months +180 days’ interest

Final Thoughts

Citibank’s CDs are quickly becoming more competitive with the addition of new promotional CDs for both regular and IRA accounts.

Citibank CD FAQs

Still have questions about the certificates of deposits offered at Citibank? See what other consumers are asking around the web as well as our responses below.

Can You Have Joint Ownership of a Citibank CD?

Yes. Citibank CDs allow for joint ownership of 2 individuals or more. Each individual is covered by the FDIC up to $250,000.

What Happens When My Citibank CD Matures?

Citibank will notify you prior to your CD’s maturity so you can plan ahead. Upon the maturity of your CD will be provided with a 7 calendar-day grace period in which you can close out your CD or modify it in any way. If nothing is done during this grace period, Citibank will roll your funds into a new CD with the same term as your old one and the going APY (annual percentage yield) at that time.

Does Citibank Offer Business CDs?

Yes. Citibank offers CDs (certificates of deposit) to small businesses with terms ranging from 7 days to 10 years. You’ll need to stop by a local branch to see today’s rates and/or to open an account. You can learn more about Citi business CDs here.

Does Citibank Offer a Money Market Account?

No. Citibank does not offer a personal money market account at this time.

Does Citibank Offer a Savings Account?

Yes. Citibank’s Accelerate Savings account is available in select markets. It comes with an APY of 4.05% but also a monthly fee of $4.50 that can be waived by maintaining a monthly balance of $500 or more or by having a Citi checking account. The Citi checking account also has its own monthly requirements to avoid a $10/month service fee.

What is Citibank’s Routing Number?

Citibank’s routing number is 021000089.

Santander Bank CD Rates – Now up to 5.50% APY!

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Santander Bank, originally Sovereign Bank, was founded in 1902 and is currently based out of Boston, Massachusetts.

They primarily operate in the Northeast and have 473 branches throughout the following states:

  • Connecticut
  • Delaware
  • Florida
  • Massachusetts
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island

If you live in the Northeast (or Florida) are in the market for a FDIC-insured CD (certificate of deposit) with a competitive rate and APY (annual percentage yield), then you may want to stop by a branch and ask about their 9 month and 12 month CDs.

These two accounts are Santander Bank’s only CD offerings currently. To learn more, continue reading our review below.

Santander Bank CD Rates + Account Details

image credit: santanderbank.com

Santander Bank’s CDs come with a minimum deposit requirement of $500 and a maximum deposit allowance of $250,000 per depositor. Their CDs are federally insured by the FDIC up to the applicable limits.

CD Rates

TermAPY
9 months5.25%
12 months5.50%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 12 month and 24 month CD sit at just 1.72% and 1.37% APY, respectively, according to FDIC data.

📌 Please note – Santander Bank CDs must be opened at one of their branch locations. To find a branch near you start here.

How Much Can You Earn with a Santander Bank CD?

How much money you can earn with a Santander Bank CD is going to depend on the term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with each Santander CD assuming a one-time deposit of $10,000.

CD TermAPYEarnings
9 months5.25%$391.22
12 months5.50%$550.00
Earnings = Total amount of interest payments through maturity.

How do Santander Bank CD Rates Compare?

Take a look at the table below comparing Santander Bank’s CD rates with the best CD rates offered by other popular FDIC-insured banks and nationally available credit unions.

Bank or Credit UnionBest CD Rate (APY)
Santander Bank5.50%
Capital One5.15%
Tiaa Bank5.25%
American Express Bank4.75%
Navy Federal Credit Union4.85%
Mountain America Credit Union5.50%
Rates surveyed August 14, 2023.

Compounding and Crediting Interest

Santander Bank CDs feature daily compounding interest. Interest is credited back to the account monthly. If you wish to have the interest transferred to another Santander Bank account like a checking account or money market account you may do that as well. You can also have the interest payments mailed to you via a physical check.

Grace Period and Early Withdrawal Fees

Santander Bank CDs come with a 7 calendar-day grace period that starts the day after your CD’s maturity date.

During this 7 day period you can renew or close out your CD. You can also change the maturity date (if applicable) and/or your deposit size.

All Santander CDs automatically renew for the same term and the going APY if nothing is done during the grace period.

If you need funds prior to the maturity of your CD, you will incur an early withdrawal fee. The fee is determined based on the length of the term. See fee structure below:

CD TermFee
12 months or less3 months’ interest
Over 1 year and less than 5 years6 months’ interest
5 years +12 months’ interest

With Santander Bank’s 9 month and 12 month CD you’d owe 3 months’ interest for withdrawing funds early.

How to Open a CD with Santander Bank

As mentioned, the only way to open a CD with Santander Bank is to stop by a local branch. Once your CD is opened, you may have it renewed without visiting a branch, but you will need to call their customer service line at 1-877-768-2265, 8 a.m. to 8 p.m. EST, Monday – Saturday.

If opening a CD at a Santander branch, please be prepared with the following:

  • Your Social Security number
  • A government-issued ID
  • A valid email address

If transferring from another bank, please have:

  • bank or credit union’s routing number
  • bank account number where the funds will be withdrawn from to fund your Santander CD

Santander CD FAQs

Do you still have questions about Santander Bank’s CD rates? Take a look at what other consumers are asking around the web along with our responses below.

Are Santander CDs FDIC Insured?

Yes. Santander Bank CDs are federally insured by the FDIC up to $250,000 per depositor. Their FDIC certificate number is 29950.

Does Santander Bank Offer Business CD Accounts?

Yes. Santander Bank offers FDIC insured CDs for small businesses and they come with different rates then their personal CDs. See their business CD rates below.

CD TermAPY
3 – 5 months4.50%
6 – 7 months4.50%
8 – 11 months4.75%
12 months5.00%
13 – 17 months0.10%
18 – 23 months4.25%
24 – 35 months0.15%
APY = Annual Percentage Yield

Santander Bank’s business CD rates were surveyed on August 14, 2023.

Does Santander Bank Offer a Money Market Account?

Yes. Santander Bank has two FDIC-insured, variable-rate money market accounts. These are called the Money Market Savings account and the Select Money Market savings account. See their rates and account requirements below.

Account NameMin. DepositAPY
Money Market Savings$25.000.05%
Select Money Market Savings$25.004.25%
APY = Annual Percentage Yield

The Select Money Market Savings is the only worthwhile money market account with Santander Bank at the moment. It has zero monthly fees but requires you to also have a Santander Select Checking account.

The Money Market Savings has an extremely low yield and imposes a $10 monthly fee unless you have a checking account with them OR if you maintain an average daily balance of $10,000 or more.

What is Santander Bank’s Routing Number?

If your account number has 11 digits, your routing number is 011075150.

If your account number has 10 digits your routing number is 231372691.

Sallie Mae CD Rates – Now up to 5.55% APY!

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Fact Checked :
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Sallie Mae became a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship, handling both federal and private sector loans.

In 2004, Sallie Mae became a fully private sector company without GSE (Government-Sponsored Enterprise) status.

Today, their product suite covers a large range of financial services and products – from private education loans and college savings programs to banking services and insurance programs.

In this review, we will focus on the FDIC-insured deposit accounts offered by Sallie Mae Bank along with the Sallie Mae CDs (certificates of deposit) offered via the Raisin portal.

To see if one of their CDs, savings account or money market account is right for you, continue reading below.

Sallie Mae CD Rates + Account Details

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Sallie Mae offers 11 standard CDs (certificates of deposit) with terms ranging from 6 months to 5 years.

All of their CDs are federally insured by the FDIC up to the applicable limits and come with a minimum deposit requirement of $2,500.

CD Rates

TermAPY
6 months5.00%
9 months5.20%
11 months5.25%
12 months5.50%
13 months5.50%
15 months5.50%
18 months5.55%
24 months4.65%
30 months4.00%
36 months4.00%
60 months4.00%
APY = Annual Percentage Yield

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 1.72% and the current average for a 5 year CD sits at 1.37% according to FDIC data.

How Do Sallie Mae’s CD Rates Compare?

Take a look at the table below to see how Sallie Mae’s best CD rate compares with the best CD rates from other FDIC-insured online banks.

BankBest CD Rate (APY)
Citizens Access5.00%
First Internet Bank5.35%
Ivy bank5.00%
TotalDirectBank5.46%
Sallie Mae5.55%
CD rates surveyed on August 11, 2023.

How Much Can You Make with a Sallie Mae CD?

The amount of money you can earn with a Sallie Mae CD depends on your deposit size, the CD term you select and its APY (annual percentage yield). Take a look at the table below showing potential earnings based on a $25,000 deposit.

CD TermAPYEarnings
9 months5.20%$968.80
18 months5.55%$2,109.87
36 months4.00%$3,121.60
60 months4.00%$5,416.32
Earnings = Sum of all interest payments through maturity.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In Rates

The interest rate and APY will be determined on the date you fund the CD, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Sallie Mae CD Rates Powered by Raisin

For better CD rates from Sallie Mae, you may want to consider opening a certificate through the Raisin portal (formerly SaveBetter).

Raisin is a fintech company that has partnered with several FDIC-insured banks and NCUA-insured credit unions to offer special deposit accounts, generally with oddball terms and slightly better yields.

Raisin helps consumers in the United States and the European Union access a number of competitive FDIC-insured deposit products from various banks and credit unions. Consumers can then manage all of their CDs and deposit accounts from one single account – the Raisin account. This also increases overall FDIC coverage leveraging the insurance from multiple institutions.

CD Rates via Raisin

CD TermAPY
10 months5.30%
14 months5.40%
10 month No Penalty4.70%
14 month No Penalty4.75%
APY = Annual Percentage Yield

If you open a CD with Sallie Mae through Raisin the minimum deposit requirement is just $1.00.

The “No Penalty” CD is a liquid CD without any early withdrawal fees meaning you can access your funds anytime penalty free.

Money Market Rate + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different from most money market accounts that tie yields to balances.

Money Market Rate

Monthly BalanceMinimum DepositAPY
$0$04.75%
APY = Annual Percentage Yield

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.63% and a savings account sits at 0.42% according to FDIC data.

That said top yields from online banks are now hovering around the 5.00% APY mark.

Transaction Limitations

You may deposit or withdraw money via:

  • Check,
  • EFT, or
  • Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

  • Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
  • Stop Payment Charge: $15
  • Returned Check Fee: $5
  • Insufficient Funds (NSF) Fee: $19
  • Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

High Yield Savings Account Rate + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower than the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

High Yield Savings Rate

Monthly BalanceMinimum DepositAPY
$0$04.50%
APY = Annual Percentage Yield

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at any time without notice.

Transaction Limitations

You may withdrawal or deposit money via:

  • Check,
  • EFT, or
  • Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally then Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive 3.8 stars on Android and an impressive 4.5 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.