Marcus vs Sallie Mae vs Popular Direct CD: Locking In 4.35% Without the $10,000 Trap

These three CDs no longer pay the same rate, and the gaps are small enough that the entry price and the term matter more than the APY. Sallie Mae now pays the most from 18 months out, Marcus is the cheapest way in at $500, and Popular Direct asks for $10,000 to match Marcus's rate. Before you wire five figures to a bank because a rate table told you to, it is worth seeing what each deposit requirement actually buys you.

Rates as of September 25, 2026 for Marcus and Sallie Mae, and September 14, 2026 for Popular Direct.

At 18 months, Sallie Mae edges ahead

Start with 18 months, the term all three price near the top of their range. Sallie Mae's 18-month CD pays 4.40% APY, five basis points above the other two. Marcus pays 4.35% APY on its 18-month High-Yield CD and opens with $500. Popular Direct pays the same 4.35% on its 18-month CD, and it opens with $10,000.

Put those numbers in dollars. On $10,000 held for 18 months, Sallie Mae's extra 0.05 point is worth roughly $7 to $8 over the term. That is real but small, and it comes with a $2,500 minimum deposit and balance. The bigger gap is Popular Direct's: it asks for twenty times Marcus's minimum to hand you the exact same yield for the exact same lock. That is the $10,000 trap in one line.

For a saver putting away $2,000, the choice is made for you. Sallie Mae and Popular Direct will not take the deposit, and Marcus pays 4.35% on it anyway.

Sallie Mae's longer terms: the rate climbs, but slowly

Sallie Mae Bank is the only one of the three that pays more for locking past 18 months. Its 36-month CD pays 4.45% APY and its 60-month pays 4.50%, against 4.40% at 18 months. Marcus, by contrast, pays a flat 4.35% on every term from 18 months to 6 years, so locking longer at Marcus earns you nothing extra.

The shape of Sallie Mae's curve still argues for a shorter lock. Going from 36 to 60 months adds only 0.05 point, so the 36-month term gets you nearly the full rate and frees your money two years sooner. That matters because the biggest risk with a CD is not the rate, it is being stuck. If you lock for 60 months and rates climb, you are trapped in an old yield or paying Sallie Mae's early withdrawal penalty, which is 180 days of simple interest on terms longer than 12 months.

So which lock is worth the deposit?

Line the three up by what they actually ask of you:

• If you have less than $2,500, Marcus is the only one of the three that will take the money, at 4.35% on any term from 18 months to 6 years.
• If you have $2,500 or more and want the top rate at 18 months, Sallie Mae pays 4.40%. Marcus and Popular Direct tie at 4.35%, and only one of them needs $10,000.
• If you want a medium-length lock, Sallie Mae's 36-month CD at 4.45% is the best rate in this group for that term and within 0.05 point of its 5-year.

The pattern is clear. From 18 months to 5 years the rates sit within 15 basis points of each other, so what you are really shopping for is the smallest minimum and the shortest term that still pays well. On both counts, the $10,000 requirement is the outlier, not the reward.

Bottom line

For most savers, Sallie Mae is now the CD to open if you have at least $2,500: 4.40% at 18 months and 4.45% at 36 months beat Marcus and Popular Direct at 18 months and beyond. Marcus is the pick for smaller deposits, since $500 gets you 4.35% on any term from 18 months to 6 years, and it gives up only a few dollars a year on a typical balance. Reach for Popular Direct only if you were already going to deposit $10,000 and want it there, because at 4.35% on 18 months it does not out-yield Marcus and trails Sallie Mae, it just costs more to walk in the door.

FAQ

Do all three pay the same APY?
No. As of September 2026, Sallie Mae pays 4.40% on 18 months and 4.45% on 36 months, while Marcus and Popular Direct's 18-month CDs both pay 4.35%. The gaps are small, so minimum deposit and term length matter as much as rate.

Why would anyone choose the $10,000 minimum?
On these terms, the main reason is a preference for Popular Direct as an institution or already having $10,000 earmarked for an 18-month lock. On rate alone, Marcus matches it at a $500 minimum and Sallie Mae beats it at $2,500.

Is a 36-month CD better than a 60-month CD at Sallie Mae?
At 4.45% versus 4.50%, the shorter term is usually better. You give up 0.05 point and get your money back two years sooner, which lowers the risk of being locked in if rates rise.

Are these CDs safe?
All three are issued by FDIC insured banks, so your deposit is protected up to the standard insurance limits. A CD's risk is about liquidity and early withdrawal, not losing principal.

What is the catch with the lowest minimum?
A small rate gap. Marcus's $500 minimum comes with 4.35%, the same as Popular Direct's $10,000 CD, but 0.05 point behind Sallie Mae at 18 months. On a $5,000 deposit, that difference is a few dollars over the term.