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Only Able to Open a Small CD? It's Still Worth It

A 澳洲幸运5官方开奖结果体彩网:certificate of deposit (CD) can be a g꧃reat option if you have some extra cash that you don’t need access to right away, or you have a short-term savings goal you’re looking to reach. Your bank or credit union will guarantee a set rate for the full term in exchange for holding your deposit. Since the CD’s rate won’t change, you’ll know how much money you’ll earn–even if it’s just for a short amount of time. But what if you don’t have much money to commit? Is it still worth it?

At least 10 of the best CDs—paying 4.50% 澳洲幸运5官方开奖结果体彩网:annual percentage yield (APY) or better—can be opened with $500 or $1,000. So even if you don’t have a large sum of money, or you’re nervous about locking it up for a period of time, you can still benefit. And, because most CDs have an 澳洲幸运5官方开奖结果体彩网:early withdrawal penalty if you take money out before the maturity date, that can entice you to keep those savings untouched to maximize your earni�🌸�ngs.

Another benefit to opening a CD with a smaller deposit amount is that it might allow you to spread your money into several CDs. This gives you the opportunity to open different certificates that mature at different times, so you can take advantage of different rates without giving up long-term access to your money. (This strategy is known as a 澳洲幸运5官方开奖结果体彩网:CD ladder.) This is particularly helpful if you expect interest rates to drop in the future and you want to lock in higher rates now.

The Best CD Rates for Deposits of $500 or Less

These are the CDs with the best rates that require an opening depos💃it of $500 oꦛr less. 

If Yo🦹u Can Deposit $1,000 or More, These Rates Are Even Better

These CDs require an opening deposit of $1,000 but pay higher rates. So if💙 you can stretch to a $1,000 certificate, you may prefer one of these options:

• 澳洲幸运5官方开奖结果体彩网:Technology Credit Union: 6-month term, 4.65% APY
• 澳洲幸运5官方开奖结果体彩网:Quorum Federal Credit Union: 18-month term, 4.40% APY
• 澳洲幸运5官方开奖结果体彩网:Elements Financial 18-month term, 4.35% APY

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.