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SaveBetter No-Penalty CD Review: How To Cancel No-Penalty CDs

No-Penalty CDs try to offer the best of both worlds – the liquidity of a savings account, and the higher fixed interest rate of a term CD. If rates go up, you can still move to the new higher rate. If rates drop, you are covered because the interest rate you earn can never go down during your term (usually around a year). When a financial crisis and/or recession hits, interest rates can drop quite quickly. Below is a historical chart of the Fed Funds rate since 1990. (Other times, a bank may just decide for any reason to drop their rate on a savings account.)

SaveBetter consistently offers some of the top interest rates on No-Penalty CDs. See my full SaveBetter review for more details on SaveBetter overall. Here are some details on the No Penalty CD specifically; their product is a bit unique in both good and bad ways.

  1. You cannot make any withdrawal within the first 30 days of opening a No Penalty CD, which is longer than usual. At CIT Bank, you can withdraw after 7 days. At Ally Bank, it’s six days.
  2. However, the minimum opening amount is only $1, which is much smaller than usual. At CIT Bank, it is $1,000. Ally also has no minimum. This means you can open multiple No-Penalty CDs in whatever amount you want, and only “break” the ones you need to. If, for example, the minimum at a competitor bank was $5,000, then you’d have to break an entire $5,000 CD even if you only needed $500.

Finally, I noticed that the website does not offer details about the actual process of how to make an early withdrawal from SaveBetter No-Penalty CD. I asked the Live Chat feature and this was the official reply provided:

Please email using the email address that you use to log into

In your email be sure to include the bank or credit union’s name and the current balance of the CD. If you have more than one CD from the same institution with the same balance, please specify the number of CDs you would like us to cancel.

Once we have processed your cancellation you will receive a note from the team letting you know the process has been completed.

If you have any questions please call Customer Service at (844) 994-3276. The team is available weekdays 9AM-4PM Eastern Time (excluding holidays).

So I sent them the following simple e-mail late on a Friday night:


This is a request to close my No Penalty CD from Sallie Mae Bank with a current balance of $XXXX.XX.

Thank you,


On Saturday morning, I received the following reply:

Your cancellation request has been processed.

All available funds will be transferred to your linked bank account within 3 business days.

Please reach out if we can be of further service.

SaveBetter Customer Service

The withdrawal amount arrived in my linked bank account on the third business day (Wednesday), but they did credit me with at least one additional day of interest because the final amount was higher than my Friday closing balance (I figure they initiated on the next business day of Monday, cash came out Tuesday).

I was still satisfied that a simple 100% online-only option exists. I just sent a single e-mail. I did not have to call in, go through a complicated confirmation process, or answer any “Are you sure?” type of questions.

With SaveBetter, all deposits and withdrawals have to go in and out through your linked external bank account. You can’t just transfer the money internally directly into another type of account at another partner bank. That means that if you wanted to cancel one No Penalty CD and immediately open another “new” No Penalty CD at a higher rate, you might lose a business day or two of interest on the way out to your linked account before transferring the money back in to purchase the new CD.

This contrasts with CIT Bank, where I you can directly fund a new No-Penalty CD (at higher rate) with an existing No-Penalty CD. Of course, if you were to move funds between two different banks, you’d also have to deal with some days of lost interest in transition.

Their No-Penalty CD rates are currently above 5% APY, but the specific rates and the banks offering them change all the time, so I won’t list it in this review. Click here to see current No-Penalty CD rates at SaveBetter.

Top 10 Best Credit Card Bonus Offers – May 2023 (Updated)

Updated and checked May 2023. That space in your wallet or purse is valuable, and you should be the one to get that value. By being smart and picky, you can find offers worth $500+ for a single card, all to encourage you to apply and try it out. This adds up to thousands of dollars in extra income (over $5,000 in 2021). These are the top 10 credit card offers that I would personally apply for right now (or have already). Notable recent changes:

  • Added BA 75k, Southwest 60k+30%off, AmEx Green 60k+200, AA 75k, Aeroplan 100k, Alaska 70k+$100
  • Removed Citi 75k, Sapphire 80k, IHG 120k w/ no AF, Hilton 100k, Marriott 100k, Delta 70k, Premier 80k, JetBlue 80k.

This is a companion post to my Top 10 Best Business Card Offers. Small business bonuses are on average even higher than those on consumer cards.

American Express® Green Card

  • 60,000 Membership Rewards points after $3,000 in purchases in first 6 months. Plus, earn 20% back on eligible travel and transit purchases made during your first 6 months of Card Membership, up to $200 back in the form of a statement credit. See link for details.
  • $189 CLEAR Plus credit annually.
  • $100 LoungeBuddy credit annually.
  • 3X points on travel, transit, and restaurants.
  • $150 annual fee.

British Airways Visa Signature Card

  • 75,000 Avios after $5,000 in purchases within first 3 months. See link for details and redemption tips.
  • 10% off British Airways flights starting in the US when you book through the website provided in your welcome materials.
  • Free Travel Together companion ticket when you spend $30,000 in calendar year.
  • $95 annual fee.

Southwest Rapid Rewards Plus Card

  • Earn 60,000 Rapid Rewards points plus a 30% off promo code after $3,000 in purchases in the first 3 months 60,000 points can be redeemed for over $750 in “Wanna Get Away” airfare with no blackout dates. See link for details on promo code
  • Southwest still gives everyone two free checked bags.
  • More than halfway to Companion Pass. If you can sign up for this one and also the small business version, you can qualify for a Companion Pass in 2023/2024.
  • $69 annual fee.
  • Subject to 5/24 rule.

The Platinum Card from American Express

  • 80,000 Membership Rewards(R) points after $6,000 in purchases in the first 6 months.
  • $200 Hotel Credits, $240 Streaming Credits, $200 Airline Fee Credits, $200 Uber Cash, $189 CLEAR Credit, $300 Equinox credit, $155 Walmart+ credit and more annually!
  • $100 Global Entry or $85 TSA PreCheck fee credit.
  • Premium airport lounge access through the American Express Global Lounge Collection®.
  • $695 annual fee.

Chase Sapphire Preferred Card

  • 60,000 Ultimate Rewards points (worth $750 towards travel or transferrable to miles/points) after $4,000 in purchases within the first 3 months. See link for details.
  • $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards(R), 3x on dining and 2x on all other travel purchases.
  • $95 annual fee.
  • Subject to 5/24 rule.*
  • Upgrade pick: Chase Sapphire Reserve Card. Higher travel perks including airport lounge access, higher annual fee.

Citi / AAdvantage Platinum Mastercard

  • 60,000 American Airlines miles after $3,000 in purchases in the first 3 months. See link for details.
  • First checked bag free on domestic AA flights ($60 value per roundtrip, per person).
  • $0 annual fee for the first year, then $99.

Citi Premier Card

  • 75,000 points (worth $750 in gift cards, or transferrable to miles/points) after $4,000 in purchases in the first 3 months. See link for details.
  • 3X points for every $1 spent on restaurants, supermarkets, gas stations, air travel and hotels.
  • Must not have gotten bonus from or closed a Citi Rewards+, ThankYou Preferred, Premier, or Prestige card in the past 24 months.
  • $95 annual fee.

Capital One Venture Rewards Card

  • 75,000 miles (worth $500 towards travel, or transferrable to miles) after $4,000 in purchases within the first 3 months. See link for details.
  • 2% cash back on ALL purchases.
  • Up to $100 credit towards TSA PreCheck or Global Entry application fee.
  • $95 annual fee.

IHG Rewards Club Premier Card

  • 140,000 IHG Rewards club points after $3,000 in purchases within the first 3 months. See link for details.
  • Free Night after each account anniversary year (valued up to 40,000 IHG points).
  • $89 annual fee.
  • Subject to 5/24 rule.
  • Don’t like annual fees? The no-annual fee Traveler version is now offering 80,000 IHG bonus points.

Alaska Airlines Visa Card (Bank of America)

  • 70,000 bonus miles + $100 statement credit + Companion Fare voucher after $3,000 in purchases within first 90 days. See link for details.
  • Companion fare voucher is “Buy one ticket, get one from $121” ($99 fare plus taxes and fees from just $22).
  • Free checked bag on Alaska flights for you and up to six other passengers on the same reservation (worth $60 roundtrip per person).
  • $95 annual fee.

Chase Aeroplan Credit Card

  • 50,000 points after $3,000 in purchases in the first 3 months. 50,000 points is worth $625 in travel value with Pay Yourself Back®. See link for details.
  • Free first checked bags on Air Canada flights: one free checked bag for the primary cardmember and up to eight other travelers on the same itinerary.
  • Aeroplan 25K Elite Status benefits for the remainder of the first calendar year, plus the following calendar year.
  • $100 Global Entry or TSA PreCheck credit.
  • $95 annual fee.
  • Subject to 5/24 rule.

Barclays AAdvantage Aviator Red Mastercard

  • 50,000 American Airlines miles after any purchase in the first 90 days. See link for details.
  • First checked bag free on domestic AA flights ($60 value per roundtrip, per person).
  • $0 annual fee for the first year, then $99.

Capital One Venture X Rewards Card

  • 75,000 miles (worth $750 towards travel, or transferrable to miles) after $4,000 in purchases within the first 3 months. See link for details.
  • $300 annual travel credit. Get up to $300 in statement credits when booking through Capital One Travel.
  • Priority Pass airport lounge access. Additional cardholders are free, and also get their own Priority Pass!
  • Up to $100 credit towards TSA PreCheck or Global Entry application fee.
  • $395 annual fee.

U.S. Bank Altitude Connect Visa Signature Card

  • 50,000 bonus points (worth $500 in statement credits) after $2,000 in purchases within 120 days. See link for details.
  • 4X points on travel and gas stations, 2X points on dining and grocery stores.
  • Up to $100 statement credit for Global Entry or TSA PreCheck.
  • $30 annual streaming bonus.
  • $0 annual fee the first year, $95/year thereafter.

Hawaiian Airlines MasterCard

  • 70,000 Hawaiian miles after $2,000 in purchases within the first 90 days. See link for details.
  • Free first checked bag for primary cardmember.
  • One-time 50% off companion discount for roundtrip coach travel between Hawaii and The Mainland on Hawaiian Airlines.
  • $99 annual fee.

American Express® Gold Card

  • 60,000 Membership Rewards points after $4,000 in purchases in first 6 months. Limited-time offer. See link for details.
  • $120 in Uber Cash annually (good towards Uber Eats or Uber rides in the US).
  • $120 in annual dining credit at Grubhub, Seamless, and more.
  • 4X points at restaurants.
  • 4X points at US supermarkets, on up to $25,000 per year.
  • $250 annual fee.

Bank of America Premium Rewards Card

  • 50,000 points (worth $500 towards travel) after $3,000 in purchases within the first 90 days. See link for details.
  • 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
  • $100 annual Airline Incidental Statement Credit.
  • Up to $100 credit towards TSA PreCheck or Global Entry application fee.
  • $95 annual fee.

If you pay off your balances every month, then you can join me and many others in funding a huge chunk of your annual travel budget with cash credits, points, and miles. I mostly use my rewards points on family trips – domestic economy flights, mid-range hotels, and cheap car rentals. If you have credit card debt, you should focus on paying that off first as the interest charges could offset most of the perks.

* 5/24 Rule? Certain Chase cards have a “5/24 rule” which is an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 24 months (2 years). This rule applies on a per-person basis, so if you are new, you might want to start with those Chase cards.

Southwest Airlines Credit Cards: 60,000 Bonus Points + 30% Off Promo Code + Companion Pass Details

Southwest Airlines lets you use points to book basically any seat that they sell for cash. A very reasonable approximation from my experience is 1.3 cents in Wanna Get Away airfare in per point. That works out to roughly $780+ in Wanna Get Away … [Read the rest]

British Airways Visa Signature Credit Card Review: 75,000 Avios Point Bonus

The British Airways Visa Signature Card is a Chase co-branded travel card with a bonus offer of 75,000 Avios points. The Avios program offers a distance-based award system in the US (including Hawaii), allowing you to fly for less points than you … [Read the rest]

AllAmerica and Redneck Bank: 5.05% APY Money Market (up to $100k), 5.30% APY Rewards Checking (up to $15k)

Update 5/23/23: Rates increased to 5.05% APY on up to $100,000 for Mega Money Market and 5.30% APY on up to $15,000 for Rewards Checking (debit card usage and other requirements apply). Details below. All America Bank and Redneck Bank are … [Read the rest]

529 College Savings Plans: All 50 States Tax Benefit Comparison (Updated 2023)

Updated for 2023. Morningstar is a great resource for research on 529 college savings plans, and they have just updated their article on state-specific 529 tax deductions: 529 Tax Benefits: How Does Your State Stack Up?. When choosing a 529 … [Read the rest]

List of 529 Day (5/29) College Savings Plan Promotions 2023

Updated for 2023. 5/29 is "National 529 College Savings Plan Day" and every year a few state plan offer promotions and/or giveaways. Most offers end by May 31st. Some offers require in-state residency, but some don't. 529 plans can now also … [Read the rest]

American Express® Green Card Review: 60,000 Point Bonus + Up to $200 Statement Credit via 20% Back on Eligible Travel

The card_name is one of AmEx's classic cards, and they have improved the welcome offer to an all-time best, revamped the rewards structure, and added new travel perks. The current welcome offer includes 60,000 Membership Rewards points plus 20% back … [Read the rest]

How to Choose Your Career: Venn Diagram

Despite my great affinity for Venn diagrams, I don't recall seeing this one about how to choose a career by engineer/comedian Don McMillan. I found the routine through a random YouTube video … [Read the rest]

Keep Airline Miles and Hotel Points Active With Short Paid Surveys

Worried about keeping all your airline miles and hotel points active? Another trick to keep in your toolbox is that many loyalty programs have a partner survey company that can be a relatively easy way to earn a few miles and extend any impending … [Read the rest]

Reader Questions: Worried About Debt Limit? Worried About Smaller Banks?

I'm probably dating myself using the image above. How old do you have to be to remember when MAD magazine was popular? In retrospect, the magazine served a very important purpose, which was basically to show kids the many tricks out there and how … [Read the rest]

Chase Sapphire Preferred Card Review: All-Around Travel Card w/ 60,000 Bonus Points ($750 Value)

The Chase Sapphire Preferred Card is a premium travel rewards credit card that has gotten very popular due to its rewards structure and flexible Ultimate Rewards points that can be redeemed for cash, travel credits, or transferred to airline miles … [Read the rest]