Most American Express Personal Savings CDs offer competitive interest rates. The terms 18-months or longer offer rates that are competitive with other online CDs. These rates are much higher than typical bank rates. The interest rates for American Express CDs are not tiered. Any amount in the account earns the most competitive interest rate.

American Express offers a variety of ways to receive the interest earned off their CDs. You can request a check mailed monthly, each quarter, or once a year. You can transfer the money into another American Express account or a linked account. You can also leave the money in the CD account. American Express gives options to withdraw interest, but it will reduce your earnings. Contact customer service to initiate these options.

There is no set amount required to open American Express CDs. You can open each of the different CD terms with any amount. There is no monthly fee or no required amount to keep in the account to earn interest.

American Express Personal Savings offers a good variety of CD terms. The terms range from 6-months to 60-months. There are seven total CD terms to choose from.

The shortest American Express CD terms have lower interest rates. These term rates are not competitive with other online CDs of the same length. The six-month and 12-month terms do not offer as competitive interest rates as the other American Express CDs.

American Express does not allow partial withdrawals from the CD before maturity. If you need to withdraw money before the maturity date, you must withdraw the entire CD balance. As with all CDs, if you withdraw money before maturity, there is a fee assessed.

The early withdrawal fees for American Express CDs are high. If your CD is less than 12 months, the fee is 90 days of interest. For terms from 12 months to less than 48 months, the fee is 270 days of interest. CD terms from 48 months to less than 60 months, the fee is 365 days of interest. The fee for 60-month terms or longer is 540 days of interest. If you have not earned enough interest to cover the fee, the rest is taken from the CD principal.

American Express Personal Savings does not guarantee to get customers the highest interest rate. The interest rate you receive for the CD term is the rate on the day you fund your account. The interest rate is fixed. It is locked in for the life of the term.

Read the full American Express 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.