Want to save money and earn extra cash? Certificates of Deposit (CDs) are like special savings accounts! They offer higher interest than regular savings, but you can't easily take your money out early without penalties. This article explains CDs that need NO minimum money to start!
- CDs are accounts that pay you extra money for keeping your savings there for a certain time.
- Some banks now offer CDs with no minimum deposit, even $1!
- You can choose how long you keep your money in the CD, usually from 3 months to 10 years.
| Bank | Interest Rate (APY) | Time Options |
|---|---|---|
| Ally Bank | Up to 4% | 3-60 months |
| Discover Bank | Up to 4.10% | 3-120 months |
| E-Trade | Up to 4.25% | 6-60 months |
Remember, though, you'll earn less interest if you only save a little money. Also, you can't get your money back early without losing some of your earnings! Ask a grown-up before opening any bank account.
