There is a relationship between risk and reward. The higher the interest rate, the higher the risk. If you go into an investment which has a higher rate of return, you risk loss of some of your principle.
I suggest that you get a CD at a bank.
Unfortunately,it is not possible.
Most deposit savings require at least $1,000.00 min.just to start and then you need to be sure that the fees do not eat up the interest you earn.
A regular savings account will accomplish the same thing and you can access the money when you need it.
Plus you can keep contributing to your savings account and then open a Certificate of Deposit account when you have more money.
You can get a 6-month CD. ING Direct always has good rates.