CDs often have minimum opening deposit requirements. That means to open an account, you need to fund it with a certain amount of cash up front. Often, this amount can be $1,000 or more. So, if you don’t have enough money to meet the minimum, these accounts — and their high interest rates — are out of reach.
The good news is that some banks let you open a CD with no minimum deposit. If you’re interested in higher potential interest earnings but don’t have a lot of savings to set aside, check out the following CDs with no minimum deposit requirements.
CDs with no minimum deposit requirements
Ally Bank
- Terms: 3-60 months
- APY: Up to 4%
Details: Ally Bank offers three types of CDs: High-Yield CDs, Raise Your Rate CDs, and No Penalty CDs. The High-Yield CD earns the highest APY and has the widest range of terms. The Raise Your Rate CD allows you to raise your rate either once or twice, depending on the term you choose. And the No Penalty CD allows you to withdraw your account balance early with no penalties.
Ally offers two additional savings products: a high-yield savings account and a money market account. Both have no monthly fees and no minimum deposit requirements. And if you’re also looking for a checking account, Ally has that too.
American Express National Bank
- Terms: 11-60 months
- APY: Up to 4.25%
Details: American Express has seven available CD terms to choose from, ranging from 11 to 60 months. Currently, the 10-month term earns the highest interest rate of 4.25% APY. Interest compounds daily, and there are fees for early withdrawals.
American Express also offers a high-yield savings account with a comparable interest rate, no monthly fees, and no minimum deposit.
BMO Alto
- Terms: 6-60 months
- APY: Up to 3%
Details: BMO Alto offers six CD terms. Currently, the 60-month term earns the highest rate of 3% APY.
BMO Alto also offers a high-yield savings account with the same rate as its 60-month CD, allowing you to earn competitive interest without locking up your money. Like BMO Alto’s CDs, the savings account has no minimum deposit requirement and no monthly fees.
Capital One
- Terms: 6-60 months
- APY: Up to 4%
Details: Capital One 360 CDs come with nine different term options ranging from six months to 60 months. Currently, the 12-month term earns the highest rate. Interest compounds monthly, and you can choose how often you receive interest disbursements.
While Capital One has online accounts, the bank also offers in-person banking at more than 250 branches. In addition to CDs, you can open savings accounts, checking accounts, and loans at Capital One.
E*TRADE from Morgan Stanley
- Terms: 6-60 months
- APY: Up to 4.35%*
Details: E*TRADE offers seven CD terms ranging from six months to 60 months. Currently, the 60-month term earns the highest rate. These CDs come with a 10-day guarantee that automatically locks in the higher rate on either the day you open your account or the day you fund it. Interest compounds daily.
- As of 8/25/2026, the Annual Percentage Yield (APY) of the Certificates of Deposits is up to 4.35%. Your interest rate and APY may change at any time until funding is settled, and penalties may reduce earnings. The APY is based on no withdrawal of credited interest and no redemption prior to the stated maturity date. Please visit etrade.com/ratesheet for information regarding the current interest rate, corresponding APY, and account terms.
Synchrony Bank
- Terms: 3-60 months
- APY: Up to 4.35%
Details: Synchrony offers three different types of CDs: regular CDs, bump-up CDs, and no-penalty CDs. The regular CD offers the widest variety of terms, from three months to 60 months, and offers the highest interest rate on its 60-month term. Bump-up CDs have a 24-month term and allow you to request a rate increase if interest rates rise during your term. No-penalty CDs have an 11-month term and let you withdraw your entire CD balance penalty-free after the first six days of opening your account. However, they earn a drastically lower interest rate compared to the bank’s regular CDs.
Synchrony also offers high-yield savings accounts and money market accounts, neither of which have a minimum balance requirement.
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
Pros and cons of CDs with no minimum deposit
CDs have many advantages, especially those with no minimum deposit requirements. But don’t forget to consider the downsides too.
Pros
- No minimums: CDs often have high minimum deposit requirements, but those with no minimums allow even beginning savers to open accounts.
- Fixed interest: Generally, CDs have fixed interest rates. This means you’ll earn predictable interest as long as you don’t incur early withdrawal fees.
- Higher savings rates: CDs typically have higher interest rates compared to savings accounts, allowing you to earn more money over the same period of time.
- Federal insurance: As long as you open a CD at a federally insured bank or credit union, you can rest easy knowing your money is safe up to federal limits in case the financial institution fails.
Cons
- Less flexibility: Generally, you can’t touch your principal deposit before your CD matures. If you do, you’ll lose some of your earnings (and possibly part of the principal) to early withdrawal penalties.
- Lower earnings for smaller deposits: While the lack of minimum deposit requirements means you can open a CD with a smaller amount of cash, you’ll also earn less interest with a smaller deposit.
- Not inflation-proof: The downside to fixed interest rates is that they aren’t inflation-proof. If your CD’s interest rate doesn’t keep pace with inflation, your money will lose purchasing power over time.
Yes. “No minimum deposit” means there is no required lower limit to establish the account. However, you will need to transfer at least some money (even a dollar or two) into the account for it to begin earning interest.
Yes, provided you open them with a federally insured institution. Banks listed with FDIC insurance (and credit unions with NCUA insurance) protect your deposits up to $250,000 per depositor, per institution, in the event of a bank failure.
Unless you choose a specialized “No-Penalty CD,” withdrawing your funds early usually incurs an early withdrawal penalty. This penalty typically costs a set number of days or months of simple interest, which can eat into your earnings or original principal.
It varies by bank. Options like E*TRADE and American Express compound interest daily, while Capital One 360 compounds interest monthly. Daily compounding accelerates growth slightly faster over time compared to monthly or annual compounding.
A CD guarantees a fixed interest rate for a set time frame (e.g., 12 months), protecting you if market rates drop. An HYSA offers flexibility to withdraw money anytime, but its interest rate is variable and can decrease without warning.
Disclaimer: The information provided in this post is for informational and educational purposes only and should not be construed as financial, investment, or professional advice. Interest rates, Annual Percentage Yields (APYs), and account terms mentioned are accurate as of the date of publication but are subject to change by financial institutions without prior notice. Before opening any account, please review the current terms, fees, and conditions directly on the respective institution’s official website.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University.
