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ableBanking VS Sallie Mae

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 4.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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Pros:

  • Low opening required amounts
  • Competitive interest rates on CDs
  • Lower balance required to earn interest
  • Can open CD accounts online

Cons:

  • Limited CD terms available
  • No interest rate guarantee
  • Link an external account to CDs
  • Cannot add money to CDs
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 4.0 Star Icon
1.30%APY
CD Account
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Pros:

  • Competitive interest rates on CDs
  • Good variety of CD terms offered
  • Interest rates on CDs not tiered
  • Penalty for early withdrawals is low

Cons:

  • CDs have a required opening amount
  • Must keep set amount in account
  • Does not offer guarantee for rates
  • Link CDs to external bank accounts
ableBanking CD Review

Each of the ableBanking CDs has low opening required amounts. All the terms only require $1,000 to open. The CD terms available range from six months to four years.

The ableBanking CDs offer competitive interest rates. The rates are competitive with other online CDs. They are higher than the typical bank rates.

ableBanking CDs require $1,000 to open, but only $500 to earn competitive interest rates. The CD rates are not tiered. Any balance over $500 earns the competitive rates.

You can open ableBanking CDs online. ableBanking is an online division of Northeast Bank. Because of this, you open your accounts and access your accounts entirely online. You do not need to visit a branch location to open an account.

There are five CD terms offered through ableBanking. They offer six-month, one, two, three, and four-year CDs. These are the only CD terms available through ableBanking.

The ableBanking CDs do not offer an interest rate guarantee. If CD rates increase shortly after you open your account, your rates will not increase. The interest rates for each CD term are competitive.

ableBanking is an online bank. To transfer money into your account, you must link another account. This account can be the ableBanking money market account or an external account. Once you link the accounts, you can transfer money. Only one external account can be linked to an ableBanking account at a time.

The only time you can add money to ableBanking CDs is when you open the CD and once the CD reaches maturity. They do not offer CDs that you can add money to at any time. ableBanking does not accept cash deposits. Only electronic, wire, or check deposits are accepted.

Read the full ableBanking review.

Sallie Mae CD Review

Each Sallie Mae CD offers competitive interest rates. The rates are competitive with other online CD accounts. Sallie Mae rates are much higher than typical bank rates. The longer the CD term the higher the interest rates offered. Sallie Mae’s five-year CD offers very competitive interest rates.

Sallie Mae offers a good variety of CD terms. The terms range from 6-months to 60-months. There are 11 CD terms in total. Sallie Mae offers CD terms in more than just traditional terms. Those term lengths include an 11-month CD, a 13-month CD, a 15-month CD, and a 30-month CD. These options allow customers to find the best fit for their money.

The CD interest rates for Sallie Mae CDs are not tiered. You do not have to have a large account balance to earn the most competitive rates available. Any balance above the required opening amount earns competitive interest rates.

Most CDs have a fee if you withdraw the money before the CD reaches maturity. The penalty for Sallie Mae CDs is less compared to other banks CD fees. The penalty for withdrawing money from CD terms 12-months or less is 90 days of interest. The fee for CDs over 12-months is 180 days of interest.

There is a set amount required to open Sallie Mae CDs. Each of the CD terms requires $2,500 to open. Make deposits through an electronic transfer or an e-deposit on the mobile app. You can also mail a check.

To earn interest on the Sallie Mae CDs, you must keep an account balance of $2,500. If your balance drops below that amount, you will not earn any interest. Sallie Mae CDs offer competitive interest rates if you keep that set balance.

Sallie Mae CDs do not come with a guarantee to lock in the best rate. The interest rate at the time you open the CD is the interest rate you receive for the life of the term. The rate you lock in is fixed for the life of the CD term.

Sallie Mae CDs must be linked to an external account to make electronic transfers. Once you link an external account, you can transfer money electronically. Customers can withdraw earned interest from the CD. To withdraw the interest, transfer the money into the linked external account.

Read the full Sallie Mae review.

Favorite Rates

LendingClub
1 Year CD 05/21/2022
APY 1.30%
Rate 1.30%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Open your account online in as little as 3 minutes
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Citizens Access
1 Year CD 05/21/2022
APY 1.30%
Rate 1.30%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Great rates for your money to work harder. Member FDIC.
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Capital One
1 Year CD 05/21/2022
APY 1.30%
Rate 1.29%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns
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Capital One
2 Year CD 05/21/2022
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns.
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