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6 banks let savers open CDs with no minimum deposit
The list includes options from 11 to 60 months, including an American Express 10-month CD paying 4.25% APY, with daily compounding but fees for early withdrawals.
Many certificates of deposit require a minimum opening deposit, often $1,000 or more, which can make the products and their advertised rates out of reach for some savers. Yahoo Finance highlights six banks that allow customers to open a CD with any account amount.
Among the options, Ally Bank offers High-Yield CDs, Raise Your Rate CDs, and No Penalty CDs, alongside additional savings products including a high-yield savings account and a money market account, each with no minimum deposit requirements. American Express provides CD terms ranging from 11 to 60 months, with the 10-month term currently yielding the top rate cited at 4.25% APY, daily interest compounding, and fees for early withdrawals.
BMO Alto’s highest rate in the cited lineup is the 60-month CD at 3.0% APY, and Capital One 360 offers nine term options from six months to 60 months, with the 12-month term currently listed as the highest rate in that set. The banks also pair CD offerings with high-yield savings accounts that, in the cases described, have the same stated rate and no minimum deposit requirement or monthly fees.