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Zions Bank VS Sallie Mae

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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  • Low opening required amounts
  • Good variety of terms available
  • Early withdrawal fees are low
  • CDs renew automatically


  • Cannot open CDs online
  • Best rates require large account balance
  • Rates may change based on location
  • Short-term CDs have low rates
  • 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
CD Account
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  • Competitive interest rates on CDs
  • Good variety of CD terms offered
  • Interest rates on CDs not tiered
  • Penalty for early withdrawals is low


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

The opening amount required for Zions Bank CDs is low. Each of the standard CD terms requires $1,000 to open. The IRA CD accounts also require $1,000 to open. The jumbo CDs require $100,000 to open.

There are a good variety of CD terms available through Zions Bank. The CD terms range from one month to five years. They include standard, IRA, and jumbo CDs. The CD term lengths are the same for the different CD types.

The early withdrawal penalties for Zions Bank CDs are low. If you withdraw money from terms 31-days or less, the fee is all the interest earned. If the term is from 32-days to one-year, the fee is 90 days of interest. For all terms longer than one year, the fee is 180-days of interest.

You can set up your Zions Bank CDs to renew automatically. If you select this option, your CD will renew at maturity. The interest rate for the renewed CD are the interest rates offered at the time of renewal. Contact customer service to set up automatic renewal.

You cannot open Zions Bank CDs online; you must visit a branch location. Branch locations are listed on their website. Once you open a CD in a branch location, you can access your CD and other accounts online.

The interest rates for Zions Bank CDs are lower than other online CD rates. To earn the highest interest rates requires a balance of at least $100,000. The highest rates are just higher than the standard rate. Even the highest rate is lower than online CD rates.

The interest rates for Zions Bank CDs may change based on your location. To know the correct rates for your area, input your zip code on the Zions Bank website. You can also call customer service or visit a branch location.

The short-term CDs with Zions Bank offer low interest rates. These rates are not competitive with other online CDs of the same term length. These term lengths include a one, three, six, and nine-month CDs. The interest rates increase with terms 12-months or longer.

Read the full Zions Bank 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.

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