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.

Luana Savings Bank offers a good variety of CD terms. The terms range from three-months to five-years. They offer a variety of CD types as well. Along with regular CDs, they offer CDs with rate increases. They also offer a CD specifically for children under 18.

The interest rates for Luana Savings Bank CDs are competitive. Their rates are slightly lower than other online CDs, but still competitive. Luana CD interest rates are higher than typical bank interest rates. Even the shorter-term CDs offer competitive interest rates.

Luana Savings Bank offers a Step Up and Add CD. This CD is available in a 26-month term. The opening required amount is $5,000. Any amount above $5,000 earns the most competitive rate. This is also true for the special nine-month CD. Amounts above $5,000 earns the competitive rate.

Most of the Luana Savings Bank CDs have low opening required amounts. A good portion of the CD terms only require $1,000 to open. The CD for children only requires $500. You must keep the opening required balance in the account to earn interest.

The CDs offered through Luana Savings Bank have tiered interest rates. To earn the most competitive rate, you must have a high account balance. Most of the CD terms require a balance of $100,000 to earn the most competitive interest rate. Lower balances still earn good rates, just not the most competitive.

Luana Savings Bank CDs do not offer an interest rate guarantee. The interest rate on the day you open the account is the rate your CD earns for the life of the term. If interest rates increase shortly after you open your account, your rate will not increase.

The required amounts to open Luana CDs vary depending on the CD term. The regular CD accounts typically require $1,000 to open. A few special CDs require $5,000 to open. The CD for kids requires $500 to open. These amounts are required to open the CD. To earn the best rate requires a much higher balance.

You can apply for Luana Savings Bank CDs online, but the process takes some time. To apply for a CD, you fill out the necessary information. The paperwork is then submitted to a Luana employee. They will contact you within one business day to discuss your application.

Read the full Luana Savings Bank review.