register
 
 
investing

Can you put more money into a bank cd after opening it?

asked by anja (18)

You have 50 words left!
 
 
related questions

Can our economy crash to the point that your money in the bank will just be gone?

Can someone put a lien on a bank account?

How do I go about opening a money CD with a bank?

How long does it take a money order to clear the bank?

How safe is it to purchase a Canadian money market from TD bank of Canada?

Why should you put your money in a CD at a bank?

Why should you put your money in the bank?

Tags:  finance  investing

answers

It all depends on the bank and the specific CD. Some allow 'add-ons', most do not. You need to ask before opening the CD.

7 votes

Adding additional money to a bank cd all depends on the bank that it is with. Some banks allow people to add additional money while others do not. It is best to check with the bank before you open it to look at all of the options.

6 votes

That depends upon the bank usually. We have had a CD with a local bank that did allow us to add to it after we had opened it. Most of the time they do not allow it. We have had CD's both ways. It is quite unusual for a bank to allow more money to be added.

6 votes

A bank is always willing to take your money, so, yes, one can add money to a CD account. In fact, it is a good thing to do so since the more money one has in an account, the more one earns from interest. Saving should be something everyone strives to do.

reply
posted by Bones (105)
6 votes

According to the contract for Bank CD's, you can only deposit or withdraw money when your CD is due, which is how long you took it out for. 6 months to 2 years. Otherwise you will pay a penalty. You usually get a letter prior to your due date and have a grace period when to adjust.

6 votes

In most cases you can not add to a bank cd after opening it. However some bank CD's will allow additions and some will allow additions during the time for renewal. Yet in most cases the CD is locked for the life of the CD with the interest rate with no additions allowed.

reply
posted by chris70 (298)
6 votes

A bank certificate of deposit is an agreement between you and the bank that says you will allow them to use your money for a specific period of time in return for their paying you a fixed amount of interest. You may not add or remove funds to the account before the CD expires without incurring a penalty

reply
posted by willard (844)
5 votes

No. Bank CD is locked for certain period of time with the agreed rate at the time of the purchase.

reply
posted by Adam80 (12)
4 votes

Yes, but you probably will have to wait until the CD matures. With most CDs, you cannot add money during the term of the CD.

4 votes

Report a post on this page as inappropriate
 If you have questions about user content, read our liability disclaimer

  
   
Add your own answer in 50 words or less! Add your comment in 50 words or less!

copyright © 2008 - 2010
conjecture corporation

FAQ About Us Contact Us Terms & Conditions Privacy Policy