16 best CDs with low minimum deposit requirements

If you're looking to invest your money in a safe, low-risk account, a certificate of deposit (CD) is an excellent option. With a CD, you earn a fixed interest rate over a set period, providing you with a guaranteed return on your investment.

Some banks require high minimum deposits (think $10,000 or more) to open a CD account, which can be a barrier for those who are just starting out with investing or don't have much money to invest. Fortunately, there are plenty of high-paying CDs on the market with low — or even no — minimum deposit requirements.

See today's top CD rates here.

16 best CDs with low minimum deposit requirements

If you don't have a ton of money to invest, these CD accounts will enable you to earn some of today's top interest rates with deposit minimums ranging from $0 to $1,000.

We've grouped them first by minimum deposit amount, and then by term length, to make it easier to find the best account for your needs. We've also included any early withdrawal penalties charged by these accounts, which can play a role in deciding which term is best for you.

No minimum deposit

• Ally Bank — 4.85% APY (1 year): 60 days' interest early withdrawal penalty
• BMO Harris — 4.50% APY (3 years): 180 days' interest early withdrawal penalty
• Barclays Bank — 4.50% APY (5 years): 180 days' interest early withdrawal penalty
• BMO Harris — 4.50% APY (5 years): 180 days' interest early withdrawal penalty

$500 minimum deposit

• America First Federal Credit Union — 4.50% APY (3 months): 60 days' interest early withdrawal penalty
• America First Credit Union — 5.30% APY (6 months): 60 days' interest early withdrawal penalty
• Bank5 Connect — 5.30% APY (6 months): 90 days' interest early withdrawal penalty
• Santander Bank — 5.50% APY (1 year): Three months' interest early withdrawal penalty

$1,000 minimum deposit

• First Internet Bank of Indiana — 4.18% APY (3 months): 90 days' interest early withdrawal penalty
• Bank of America — 4.00% APY (3 months): Seven days' interest early withdrawal penalty
• TIAA Bank — 4.00% APY (3 months): 90 days' interest early withdrawal penalty
• Bask Bank — 5.25% APY (6 months): 90 days' interest early withdrawal penalty
• First Internet Bank of Indiana — 5.22% APY (6 months): 180 days' interest early withdrawal penalty
• CIBC Bank USA — 5.36% APY (1 year): 30 days' interest early withdrawal penalty
• First Internet Bank of Indiana — 4.59% APY (5 years): 360 days' interest early withdrawal penalty
• Alliant Credit Union — 4.35% APY (5 years): Early withdrawal penalty of the number of days the CD is open (up to 180 days)

Compare today's best CD offerings online now.

The bottom line

You don't need a lot of money to invest in a CD today. You can open one of the above CDs with as little as $1 — although, of course, you'll earn much more if you deposit a higher amount.

To find the best CD for your budget and goals, take the time to compare multiple accounts with different term lengths. Make sure you understand all the terms and conditions, including any fees that might eat into your earnings. With a little time and research, you can find a CD that helps you reach your savings goals faster, no matter how much you have to invest.