Website: https://www.salliemae.com

Authority: Sallie Mae is a leading US consumer bank specialized in private student loans with consumer deposits and savings banking offerings also available. Its a FDIC member with its deposit products FDIC insured. 

How to open a Sallie Mae Certificate of Deposit:

- As an existing customer it asks you to log on with your username and password.

- As a new customer it asks to tell them about your self, first name, last name, email address and primary telephone number. You can begin this application on the website. At step 1 to open this account is they require your social security number, your bank information (initial deposit will be made from your existing bank account and product selection. In step 2 they require your personal information including your Date of birth, occupation, country of citizenship, home address, secret question, telephone banking password pin creation

If you hae questions about their CDs you can call them on 877-346-2756

Information on Sallie Mae 1 Year CD Rates:

When considering a 1 Year CD at Sallie Mae it is different to a traditional bank with branches. As an online bank they do not have a large branch network for CD promotion as well as overhead costs such as a Wells Fargo or Chase. So while a Sallie Mae CD Rate can be dependent on Federal Reserve policies they require CDs to be competitive to attrack deposits to their bank. So when Sallie Mae sets its 1 year CD Rates up or down they are likely to be alot more competitive in their rate to attract deposits.

The displayed rate is for for 1 year and requires minimum of $2,500 balance.