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Review of Chase Bank’s CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Chase Bank is a consumer and commercial bank operated by JPMorgan Chase & Co., an international business firm dating back to 1799 that currently has $2.6 trillion in assets and operations worldwide. Chase Bank has nearly 5,000 branches and 16,000 ATMs across the U.S., and offers a full range of financial products and services.In this article, we’ll concentrate on Chase Bank’s certificates of deposit (CDs). They can be opened at a branch or online, with terms ranging from 1 month to 120 months. And although there are multiple ways to open a Chase Bank CD, if you want to open one online, you will need to be an existing Chase Bank checking customer.

Chase Bank standard CD rates

Term

APY

Minimum Deposit to Open

1 month

0.01%

$1,000

2 months

0.01%

$1,000

3 months

0.01%

$1,000

6 months

0.01%

$1,000

9 months

0.01%

$1,000

12 months

0.01%

$1,000

15 months

0.01%

$1,000

18 months

0.01%

$1,000

21 months

0.01%

$1,000

24 months

0.01%

$1,000

30-Months

0.01%

$1,000

36 months

0.01%

$1,000

42 months

0.50%

$1,000

48 months

0.02%

$1,000

60 months

0.30%

$1,000

84 months

0.01%

$1,000

120 months

0.30%

$1,000

Chase Bank CD relationship rates

Chase Bank’s CD relationship annual percentage yields (APYs) are extended to customers who have a linked Chase Bank checking account. You can apply online, and if you use a transfer from your account to fund the CD, the account can be opened the same day. The minimum deposit is, again, $1,000. If you want to open a CD for than $1 million, you will need to visit a branch.

CD term

$1,000 - $9,999

$10K - $24,999.99

$25K - $49,999.99

$50K - $99,999.99

$100K - $249,999.99

$250K+

1 month

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

2 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

3 months

0.02%

0.02%

0.02%

0.02%

0.02%

0.02%

6 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

9 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

12 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

15 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

18 months

1.00%

1.00%

1.00%

1.00%

0.01%

0.01%

21 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

24 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

30 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

36 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

42 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

48 months

0.10%

0.10%

0.10%

0.10%

0.01%

0.01%

60 months

0.75%

1.01%

1.01%

1.01%

1.01%

1.01%

84 months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

120 Months

0.02%

0.10%

0.10%

0.10%

0.10%

0.10%

How Chase Bank CD rates compare with those of other banks

You’ll need less money to qualify for a Chase Bank CD than you might at other banks. Chase Bank allows customers to open their CDs with a minimum deposit of $1,000, which is lower than at many other institutions. Chase Bank CDs are also open to applicants who do not bank with Chase, in contrast with the practices of some banks and credit unions that require member checking or savings accounts.

However, Chase Bank CD rates are well below the best seen on our round-up of the best CDs. You can easily find higher interest rates at other institutions, particularly for 1-year CDs. If you decide to go with Chase BAnk, look into its relationship rates for a higher APY.  Relationship rates are offered to customers who link their CDs to a Chase Bank personal checking account.

As mentioned, a minimum of $1,000 is required to open a Chase CD account, and interest is compounded daily. Depending on the term, your earned interest may be paid monthly, quarterly, semi-annually, annually — or at maturity.

Important information about Chase Bank CDs

Chase Bank CD fees

There are no monthly service fees, but there are $15 fees for inbound domestic and international wire transfers (waived if they are from another Chase Bank account) and outbound domestic wire transfer fees. Accounts can be opened online if you are an existing checking customer with Chase Bank. Deposits of more than $1,000,000 must be opened at one of its branches.

Non-Chase Bank customer access

You do not need to have a Chase Bank checking or savings account to open a standard Chase Bank CD account. You’ll need to provide a Social Security Number, driver’s license and contact information. Deposits must be made from a checking or savings account at your existing bank.

Maturity date and grace period

Law requires banks to alert consumers before the maturation date on CDs. Chase Bank considers the maturity date as the last day of the term. It offers a 10-day grace period on all CDs with terms of 14 days or longer. During the grace period, you can withdraw the funds without penalty or roll over the account to another term.

Automatically renewable CDs vs. single-maturity CDs

Account holders have the option of opening an automatically renewable or a single-maturity CD account.

With an automatically renewable CD, the account renews on the maturity date for the same term as the original one, making the new maturity date the last day of the new term. The standard rate will apply unless the owner qualifies for a relationship CD.

The single-maturity CD does not automatically renew and earns no interest following the maturity date. You may want to see if Chase Bank is offering any promotional rates during the 10-day grace period if you plan to invest in another Chase Bank CD using a ladder strategy.

Earning interest on a Chase Bank CD

Interest on Chase Bank CDs begins to accrue on the first business day of deposit into your account and is calculated on a daily balance, 365 days a year. The accrued interest can be withdrawn during the term or at maturity without incurring penalties. For maturities of more than 1 year, interest will be paid at least annually, according to the bank.  If the CD matures and automatically renews, the interest in the account is rolled over into the new principal.

Early-withdrawal penalties and fees

If you wish to withdraw money before your CD matures, Chase Bank will charge penalties. According to Chase Bank, early-withdrawal penalties are deducted from your principal and do not exceed the total amount of earned interest. The amount that is deducted is below, listed by the length of the CD:

  • Less than 6 months: 90 days of interest
  • 6 months to 24 months: 180 days of interest
  • 24 months or more: 365 days of interest

Chase Bank CD early-withdrawal penalties can be waived upon:

  • Death of a CD owner
  • Disability of a CD owner in retirement
  • Retitling/reissue of a CD
  • A court ruling that the CD owner is incompetent

Overall Review of Chase Bank’s CD products

Chase Bank’s CD rates are likely best for customers who link the CD to their personal checking accounts because they can qualify for those juicier relationship rates. The rates improve for longer terms and larger deposit amounts.

Chase Bank’s online tools allow you to apply for relationship CDs and track your investments. The minimum amount to open a standard CD account ($1,000) is on par or slightly lower than those required by other institutions.

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Reviews

Renasant Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Renasant Bank checking account options

Renasant Checking

This account could get expensive if you don’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

The Renasant checking account is best for those looking for a simple option. While it’s unfortunate you don’t earn any interest, you do get free online banking and bill pay. You’ll also get a Renasant Debit MasterCard with extra features such as zero liability protection and extended warranty. You can also link the card to Apple Pay.

To waive the monthly maintenance fee, you should either sign up for e-statements or maintain a minimum daily balance of $500.

How to get the Renasant Checking account

There is an online application form you can fill out to open a Renasant Bank Checking account. First, you’ll need to provide the bank your mobile phone number. Once you receive an access code via text and enter it in the appropriate box, you’ll be asked to fill in your personal details such as your name, address and Social Security number, as well as a method to fund the account.

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Rewards Checking

You can get a pretty competitive rate for your first $25,000 but only if you qualify.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.30%
$25,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 each month
  • Overdraft fee: $36

If you’re looking for a great rate and a way to save on ATM fees, this could be the account for you. The Rewards Checking account offers you the opportunity to earn a high APY, up to your first $25,000. To qualify for this bonus rate, you’ll need to elect to receive e-statements, have at least one direct or ACH deposit and a minimum of 10 debit card transactions each month. Otherwise, your rate will go down to the lowest APY — which is super tiny.

With this account, you also get online and mobile banking, bill pay and a debit Mastercard. If you can maintain a $500 minimum daily account balance or receive e-statements, your monthly maintenance fee will be waived.

You’re also in the right place if you’re looking for extra features in an deposit account. For an additional $6 each month, you can get the rewards extra checking add-on, where account holders can get bonuses like identity theft protection, 24/7 roadside assistance, accidental death coverage and over 400,000 discounts at qualifying retailers.

How to get the Rewards Checking account

You’ll need to have your Social Security number and personal information such as your address ready. Aside from showing up at your local branch, you can open an account by filling out an online application form. Before filling in your personal details, you’ll need to enter in your mobile number and enter a verification code. Once you do so and fill out the rest of the application, you can then fund the account.

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Member FDIC

Student Checking

This account has the same features as the Renasant Checking account, but you do get ATM refunds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 a month (you’ll need to meet the bank’s qualifications)
  • Overdraft fee: $36

It’s another non-interest bearing account, but you may be able to qualify for ATM refunds if you elect to receive e-statements and make at least 10 debit card transactions each month. Renasant Bank’s website claims you may be to earn some interest, though you’ll need to call the bank directly to find out their current rates.

Just to be clear — only students 16 to 25 years old can open this account. Once you turn 26, this account will switch to the Renasant Checking account and you can no longer get any rate bonuses or ATM refunds. Anyone who wants to open this account and is under 18 years old will need a parent or guardian acting as a joint account owner.

How to get the Student Checking account

If you’re at least 18 years old, you can open an account by filling out an an online application form. First, you’ll need to enter in your mobile number and type in a verification code before proceeding. Then, you can fill in your personal details such as your name, address and Social Security number, and a way to fund the account.

If you’re under 18 years old, you’ll need to head to a local branch with your parent or guardian to open an account. You’ll probably need your Social Security number as well as the joint owner’s.

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How Renasant Bank’s checking accounts compare

We like the rate for the Rewards Checking account as it’s one of the highest we’ve seen — even compared with the ones on our list of the best online checking accounts. You can also get ATM refunds, which is pretty nice if you intend on using out-of-network ATMs. Add the fact that there is a low minimum opening deposit requirement, and this account can be a great choice.

What we don’t love are the Renasant Checking and Student Checking accounts as you currently don’t earn any interest. If you’re after the best rates, you’re better off going with the Rewards Checking or one of the many online competitors.

Renasant Bank savings account options

Regular Savings

A savings account with a high maintenance fee.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Quarterly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest but it isn’t advertised on their site, so you’ll need to call to find out what it is. Plus, you could be paying a fairly high quarterly maintenance fee if you can’t maintain a $50 quarterly account balance. There is no ATM access, but you can link your Renasant checking account to do so. You do get online banking access, but that’s pretty much all there is to this account.

One more thing — the fees can add up if you’re not careful. You’re allowed up to six certain debits a month because of Regulation D. Renasant Bank will charge you $2 per withdrawal if you make more than six each month. You could also face a $0.07 fee per deposit if you make more than 150 during the quarterly statement cycle.

How to get the Regular Savings account

You’re going to have to head to a brick-and-mortar location to open this account. You’ll most likely need to bring your government-issued ID and Social Security number. To find out more, call customer service at 1-800-680-1601.

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Rewards Savings

You can earn a higher rate but you’ll also need to pay a higher maintenance fee (although it can be waived).
APYMinimum Balance to Earn APY
0.96%
$0.01
0.30%
$100,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Rewards Savings account is meant to complement the Rewards Checking account, as in it offers you a higher rate compared with the Regular Savings account. You’re also able to waive the monthly maintenance fee if you choose to receive e-statements or maintain a $2,500 minimum daily account balance.

The eligibility requirements to receive the higher rates are simple — link to your Rewards Checking account that receives e-statements, makes at least 10 debit card transactions and make one direct or ACH deposit per month. Remember, because of Regulation D, you’re allowed up to six certain debits each month. If you go over that amount, your transaction may be denied and could be converted to a checking account if you keep trying to make excessive debits.

How to get the Rewards Savings account

You’ll be able to open an account once you verify your mobile phone number by entering in a verification code on Renanant Banks’s online application form. Then, you can fill in your personal details such as your name, address and Social Security number. Afterward, fund your account.

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Member FDIC

Children’s savings

Just a simple savings account for minors.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The children’s savings account is a free account for customers under 13 years old that doesn’t have any minimum balance requirements nor does it charge any monthly fees — a parent or guardian will need to be a joint owner. One of the few times you’ll be charged is if you go over six debits each month — it’s a $2 fee per excessive withdrawal-related transaction. You’ll also need to pay $0.07 for each deposit you make over 150 each quarter.

Once the child turns 18, this account will be converted to the regular savings one. One more thing — the children’s savings account rates aren’t advertised on their website so it’s best to call and find out the current rates.

How to get the children’s savings account

Both the parent or guardian and the child will need to go in person to open an account. You’ll both probably need to bring your government-issued ID and Social Security numbers.

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How Renasant Bank’s savings accounts compare

We’re a little disappointed in these rates considering the Rewards Checking account has a higher APY based on eligibility requirements than any of the above mentioned savings accounts. The Rewards Savings account offer rates way lower than what other places are offering, such as the competitors on our list of the best online savings accounts. If you’re into maximizing your savings as much as we are, you may be better off looking elsewhere.

Renasant Bank CD rates

Certificate of deposit

We like that it’s a fixed rate CD.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Renasant Bank’s CD rates aren’t advertised on their website so we encourage you to call them to double-check. Renasant Bank also offers other terms — anywhere from 32 days to 84 months — so if you’re interested, Renasant Bank’s customer representatives should be able to help.

For these fixed-rate CDs, interest is compounded and credited to your account each quarter. Interest you earn can either be rolled over into your existing CD, transferred to another Renasant Bank account or mailed to you via check. Once your account matures, you’ll get a grace period of 10 business days where you can make any changes like making withdrawals, deposits or renewing your CD for another term. If you don’t do anything, the CD will automatically be renewed for the same term as the original one.

You can also use this CD as collateral, if you decide to take out a personal loan with Renasant Bank. Contacting customer service is your best bet to find out more details.

How to get Renasant Bank’s CDs

Right now, you’re only able to open a CD account in person. The bank will most likely ask you to bring proof of identity such as a government-issued ID and Social Security number.

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How Renasant Bank’s CD rates compare

We can’t tell for certain how good their rates are compared to our list of the best CD rates considering they’re not advertised anywhere on Renasant Bank’s website. If for some reason you do need to make an early withdrawal, the penalties don’t seem as high as some of the other accounts out there.

However, the minimum opening deposit may be a bit high for some people. In that case, it could pay to do some comparison shopping as there are many banks that offer a low or no minimum opening deposit.

Renasant Bank money market account options

Personal Money Market Account

You get ATM access bu the minimum opening deposit may not be feasible for everyone.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

We like that you get a debit card with this money market account, but the minimum opening deposit may be difficult for some to meet. By the way, the rates aren’t advertised on their site so it’s not a bad idea to call and check what the most current ones are. The monthly maintenance fee looks pretty steep but you can get that waived if you can maintain a daily balance fee of at least $1,000.

You’ll need to watch out for how many transactions you make in any given month because you could be charged for them. First, you could be paying $5 for each debit you make over six each month. You could also be paying $0.10 for each deposit if you make more than 150 in any given month.

How to get the Personal Money Market Account

You’re going to have to head to your nearest branch to open a Personal Money Market Account. You may need to bring items such your Social Security number and government-issued ID.

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High-Yield Money Market Account

The bank doesn’t advertise rates for this account online so you’ll need to call to find out.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Given the fact that the High-Yield Money Market account requires you to deposit at least $10,000 to earn interest, it may potentially offer higher rates than the bank’s other offerings. But there’s no way to tell unless you call the bank for rate info, as it is not currently advertised on the website.

For those who don’t have that kind of money laying around, you may want consider opening Renasant Bank’s Rewards Checking or Rewards Savings accounts.

There is a monthly maintenance fee, but you’ll be able to waive that if you can maintain a $10,000 minimum daily balance. You also get a debit card but you’re allowed up to six certain debits a month due to Regulation D. If you go over that amount, you’ll face a $25 excess transaction fee. You’ll also need to pay $0.10 for each deposit you make that’s over 50 each month.

How to get the High-Yield Money Market Account

Head to the nearest branch to open an account. You can call customer service at 1-800-680-1601 to find out what you’ll need to bring but it’ll most likely be your government-issued ID and Social Security number.

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How Renasant Bank’s money market accounts compare

You need a significant amount of money deposited to qualify for any of Renasant Bank’s money market accounts, which can make it out of reach for many. Other online competitors on our list of the best money market rates and accounts have lower minimum requirements, sometimes none at all.

What we’re trying to say is that if you can’t come up with that much cash to open a Renasant Bank money market account, looking at other money market accounts might be a better choice.

Renasant Bank IRA account options

IRA CD rates

IRA CD

These IRA CDs have a fairly average minimum opening deposit amount.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Anyone who’s interested in a conservative investment account might want to consider these IRA CDs. The minimum opening deposit isn’t the lowest we’ve seen but it’s not extremely high either. Just like the regular CDs offered at Renasant Bank, interest you earn is compounded and credited quarterly. However, if you do make an early withdrawal, you’ll face potential IRS penalties on top of what Renasant Bank will charge you. Renasant Bank’s IRA CD rates aren’t advertised on their website so we encourage you to call them to double-check.

Your CD will renew automatically unless you make changes during the grace period, which is 10 business days. You can make changes such as renewing the CD for another term, making withdrawals or additional deposits.

How to get Renasant Bank’s IRA CDs

Head to your nearest branch to open a Renasant Bank IRA CD. You may be asked to provide details and items such as your address and Social Security number.

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How Renasant Bank’s IRA CD rates compare

The minimum opening deposit for these IRA CDs are also around the same as what others require. However, you must open an account in person so it may be a bit of a hassle for you, especially if you don’t live near a branch. In that case, you may want to check out our list of the best IRA CD rates for some ones you can open online.

IRA savings account

This account doesn’t have any monthly maintenance fees and requires a low opening deposit amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account may be a good choice if you need a place to stash your IRA funds until you figure out what to do with it, like opening an IRA CD. You can make unlimited deposits up to the IRS limits each year. As for withdrawals, you can make up to six per month or else your transaction will be denied. If you’re under 59 1/2 years old, you may also face IRS penalties for making withdrawals from an IRA account, so it’s best to check the current rules.

Keep in mind that the rates for the IRA savings account isn’t currently advertised on their website, so before opening one, check by calling customer service to find out what they are.

How to get Renasant Bank’s IRA savings account

To open an IRA savings account, head to the nearest branch. It’s best to check by calling customer service at 1-800-680-1601 to find out what to bring, but you’ll likely be asked to bring items like your government-issued ID and Social Security number.

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Overall review of Renasant Bank’s banking products

We really like Renasant Bank for their Rewards Checking account as it’s one of the best rates we’ve seen. You also get a wide range of benefits, with or without the add-on option. The CDs are also pretty decent even though they do require a fair bit of cash to open an account.

Other than that, the rest of their accounts aren’t really worth it. Combined with high minimum amounts, monthly fees and the fact that you can’t open all of them online, we’re not terribly impressed. Renasant Bank faces some stiff competition from other online banks, so it may be a better idea to keep your eyes peeled for bank accounts that offer better features.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

Sallie Mae Bank Reviews: Money Market, Savings and CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Sallie Mae Money Market Account

A competitive interest rate with no fees or minimum balance requirement.

APY

Minimum Deposit to Earn APY

0.99%

None

  • Minimum opening deposit: None
  • Monthly maintenance fees: None
  • ATM fee: No ATM access
  • Overdraft fee: $19 insufficient funds fee

There is no minimum balance or deposit required to open this account, which is a real advantage given its competitive rate or annual percentage yield (APY). Since Sallie Mae Bank operates entirely online and account holders don’t get an ATM card, this account would be best suited for people who don’t plan on touching their money very often. Sallie Mae offers online and mobile banking with electronic deposits for daily account management.

Federal Reserve’s Regulation D mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. Exceeding this limit results in a $10 fee per transaction from the bank. Transfers into and between Sallie Mae accounts are free, but a $20 fee is charged on transfer to another bank. Sallie Mae does not initiate international wire transfers.

How to get the Sallie Mae Bank Money Market Account

You can apply for a Sallie Mae Money Market Account online. You’ll be prompted to enter and verify your information. In some cases, you may need to verify your identity by submitting your driver’s license. Note that if an account sits dormant with a balance of less than $100 for 12 months, Sallie Mae may close it.

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How Sallie Mae’s Money Market Account compares

Sallie Mae’s Money Market Account is competitive compared to other offerings on our round-up of the best money market accounts. The rate isn’t the highest, but few money market accounts offer as high a rate without requiring a minimum deposit or minimum balance. Those facets alone make this account extremely approachable.

Sallie Mae Bank’s savings account options

High-Yield Savings Account

A competitive interest rate, with no fees or minimum balance requirements on this savings account.

APY

Minimum Deposit to Earn APY

0.90%

None

  • Minimum opening deposit: None
  • Monthly maintenance fees: None
  • ATM fee: No ATM access
  • Overdraft fee: $19 insufficient funds fee

Sallie Mae’s High-Yield Savings Account stands out by offering a competitive rate without any monthly fees or balance requirements. While there are better savings rates available, this account would work well for anyone looking for a hands-off way to earn a decent yield.

Sallie Mae’s High-Yield Savings Account does not come with a debit or ATM card, making the account less accessible to those who want to use their money frequently. Federal Regulation D (this regulation applies to all savings accounts) mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. One important thing to note is that this account can only be funded via Automated Clearing House (ACH) transfer or check. Sallie Mae does not accept cash or money order deposits.

How to get the Sallie Mae Bank High-Yield Savings Account

To open an account, you’ll need to visit Sallie Mae’s website, fill out an application form and provide some personal information like name and date of birth. In some cases, you may have to verify your identity further by submitting documents like your driver’s license. Once approved, you can fund your account via ACH transfer, check or an existing Sallie Mae account. New accounts are subject to a five-day hold on amounts less than or equal to $5,000, with an additional five days for any amount over that.

SmartyPig Account

Free savings account helps you set and achieve savings goals, pays a decent interest rate and has no minimum balance requirement.

APY

Minimum Deposit to Earn APY

1.25%

None

  • Minimum opening deposit: None
  • Monthly maintenance fees: None
  • ATM fee: No ATM access
  • Overdraft fee: N/A

Sallie Mae Bank’s SmartyPig account is meant to help you save for specific goals and would be a good fit for those who want to organize their savings goals, all while earning an impressive rate and not paying fees. The account is advertised as having multiple APY tiers based on the savings account balance; however, as of writing, all tiers offered the same rate.

With a SmartyPig account, you have a primary account, which holds all deposits. From there, you have the ability to set up multiple savings goals under the primary account. Each goal goes into a sub-account, letting you track the progress you’ve made towards your goal. Account holders have the ability to set up automatic deposits into the account. It does not come with a debit or ATM card and is subject to the Regulation D which mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle.

How to get the Sallie Mae Bank SmartyPig Account

To open a SmartyPig account, you must be 18 years old. Once you complete the application process (which requires some basic personal information), you can fund your account. Funds will be on hold for five days from the date of deposit.

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How Sallie Mae’s savings accounts compare

Sallie Mae offers a variety of interest-bearing savings accounts. While none of them currently offer the best rate in the market compared to those on our list of the best online savings accounts, they all offer competitive rates and have noteworthy features that emphasize the importance of creating smart savings habits.

None of Sallie Mae’s savings accounts have extra fees or requirements for minimum balances or minimum deposits, helping to put them on par with some of the best offerings currently on the market. However, one important factor to take into consideration is that none of Sallie Mae Bank’s savings accounts offer ATM access.

Sallie Mae Bank’s CD Rates

Earn competitive rates on a certificate of deposit with a higher-than-average minimum deposit.

Term

APY

Minimum Balance to Earn APY

6 months

0.75%

$2,500

9 months

0.75%

$2,500

11 months

0.75%

$2,500

12 months

0.95%

$2,500

13 months

0.95%

$2,500

15 months

0.95%

$2,500

18 months

0.95%

$2,500

24 months

0.95%

$2,500

30 months

0.95%

$2,500

36 months

0.95%

$2,500

60 months

0.95%

$2,500

  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalties, which depend on the original term of the CD, are:
    • Less than 12 months: 90 days of interest
    • More than 12 months: 180 days of interest

The rates on Sallie Mae Bank’s CDs are competitive, but they fall short when it comes to minimum deposits. There are other accounts with APYs on par with or higher than Sallie Mae’s that do not require a minimum deposit or balance to maintain an account.

This account automatically renews when your CD matures. Upon maturity, account holders have a 10-day grace period to withdraw funds from the account before it renews. Withdrawing interest earned on your CD can be done at any point throughout a CD’s term without penalty.

How to get Sallie Mae Bank’s CDs

To open a CD with Sallie Mae Bank, you’ll need to apply for an account online. You’ll have to enter some personal information, and in some cases, take extra steps to verify your identity. Currently, the only way to put money in an account is through ACH transfer or by check.

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How Sallie Mae’s CD rates compare

While you can find slightly higher APYs on our listings, Sallie Mae still offers solid CD rates. The biggest downside is the $2,500 minimum balance and deposit requirement.

 

Overall review of Sallie Mae’s banking products

Sallie Mae’s account offerings are competitive. However, its online and mobile banking has all the features you’d need to save and manage your money on a day-to-day basis. None of the above accounts come with a debit or ATM card. While limited account accessibility may be a big downside to some, this could be looked at as a positive if you’re prone to dipping into your savings frequently.What makes Sallie Mae products stand out is their emphasis on the importance of creating smart savings habits. The fact that all of their accounts don’t charge any monthly fees and earn some form of interest means you won’t do yourself a disservice by opening an account.

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