Core Insights - Certificates of Deposit (CDs) generally offer higher interest rates compared to traditional savings accounts, but they come with restrictions on access to funds until maturity [1] - Some banks provide CDs with no minimum deposit requirements, making them accessible to individuals with limited savings [2][28] Summary by Category Types of CDs - Ally Bank offers three types of CDs: High-Yield CDs, Raise Your Rate CDs, and No Penalty CDs, with the High-Yield CD providing the highest APY [3] - American Express National Bank has seven CD terms ranging from 11 to 60 months, with the 14-month and 22-month terms currently offering the highest interest rates [5] - Barclays Bank provides eight term lengths for its CDs, with the 12-month term earning the highest rate [6] - BMO Alto offers six CD terms, with the six-month and 12-month terms currently providing the highest rates [10] - Capital One 360 CDs come with nine different term options, with the 12-month term currently earning the highest rate [11] - Discover Bank offers CDs with terms ranging from three months to 120 months, with the 12-month term currently earning the highest rate [12] - E-Trade from Morgan Stanley provides seven CD terms, with the 12-month term currently earning the highest rate [13] - Synchrony Bank offers regular CDs, bump-up CDs, and no-penalty CDs, with a variety of terms and competitive interest rates [19] Interest Rates and Terms - Ally Bank's CDs have terms ranging from 3 to 60 months, with APYs up to 3.9% [7] - American Express National Bank's CDs have terms from 11 to 60 months, with APYs up to 4% [8] - Barclays Bank's CDs have terms from 6 to 60 months, with APYs up to 4% [9] - BMO Alto's CDs have terms from 6 to 60 months, with APYs up to 4% [16] - Capital One's CDs have terms from 6 to 60 months, with APYs up to 4.25% [18] - Discover Bank's CDs have terms from 3 to 120 months, with APYs up to 4% [17] - Synchrony Bank's CDs have terms from 3 to 60 months, with APYs up to 4.25% [26] Advantages and Disadvantages of No Minimum Deposit CDs - No minimum deposit CDs allow individuals to open accounts with smaller amounts, making them accessible to beginning savers [27] - CDs typically offer fixed interest rates, providing predictable earnings [27] - However, early withdrawal penalties apply, and smaller deposits may yield lower interest earnings [27]