Some certificates of deposit have minimum deposit requirements of less than $1,000.Ĭertificates of deposit offer a low-risk way to make your savings work harder for you. The minimum amount of deposit varies from bank to bank and on the length of the term. There are several certificates of deposit available, but the traditional one is the most common. The rate is locked in unless you opt for a certificate of deposit with more flexibility. The downside is that you won't benefit if interest rates rise. While traditional savings accounts have interest rates that fluctuate, with a certificate of deposit not only do you enjoy a higher interest rate but you don't have to worry about plummeting rates should things change. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas See Offer How does a certificate of deposit (CD) work?