These CDs have 4.5% APY (or more) - and low minimum deposits
An interest-bearing account is one of the easiest ways to put your savings to work. And, while you have a few different options to choose from, including high-yield savings accounts, one of the best options to consider is a certificate of deposit (CD). With a CD, you agree to leave the money you deposit untouched for a certain amount of time — a few months to a few years, on average. In return, you earn a guaranteed rate of interest during that term.
While the rates you earn vary by financial institution and CD term, there are plenty of high-rate CD options available right now. In many cases, though, the CDs that offer the highest APYs on your money also require you to meet a high minimum deposit requirement. It's not unusual for CD accounts with the top rates to require minimum deposits of $5,000, $10,000 or even $25,000 or more.
But what options do you have if your savings are limited? Well, the good news is that there are also CDs that have low minimum deposit requirements but still offer APYs of 4.5% or more on your money. That opens up a lot of options to choose from, no matter how much — or how little — you can afford to deposit into the account.
See how much more you could be earning with a top top CD rate here now.
13 CDs offering 4.5% (or more) and low minimum deposits
Want to earn high interest on your money but don't have a large amount to deposit? Consider the following CD accounts, all of which have minimum deposit requirements of $500 or less:
3-month CDs
- Dow Credit Union: 5.65% APY; $500 minimum deposit
- Signature Federal Credit Union: 5.55% APY; $500 minimum deposit
6-month CDs
- First Commonwealth Federal Credit Union: 5.55% APY; $500 minimum deposit
10-month CDs
- Abound Credit Union: 5.75% APY; $500 minimum deposit
11-month CDs
- USAlliance Federal Credit Union: 5.00% APY; $500 minimum deposit
- CIT Bank: 4.90% APY; $500 minimum deposit
- Ally Bank: 4.55% APY; $0 minimum deposit
1-year CDs
- First Commonwealth Federal Credit Union: 5.55% APY; $500 minimum deposit
- Western Alliance Bank: 5.51% APY; $1 minimum deposit
- BMO Alto: 5.40% APY; $0 minimum deposit
- Barclay's Bank: 5.00% APY; $0 minimum deposit
- America First Credit Union: 5.00% APY; $500 minimum
13-month CDs
- Marcus by Goldman Sachs: 4.50% APY; $500 minimum deposit
Find out the top CD rates you may qualify for here now.
The bottom line
Putting your savings in a CD is a great way to maximize your returns — and you don't have to have a lot saved up to do it. There are plenty of CD options that offer APYs of 4.5% or more without requiring thousands of dollars to be deposited into the account. Plus, several of the CDs listed above have no minimum deposit requirement at all. So, if you do your homework and shop around, chances are good that you can find one to fit both your money goals and your savings balance.
