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

Answer by  LippoTheHippo (67)

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.

Answer by  fastrunner (53)

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.

Answer by  joantheresa (1421)

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.

Answer by  Bones (105)

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.

Answer by  Latin4 (11170)

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.

Answer by  chris70 (301)

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.

Answer by  willard (874)

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

Answer by  Adam80 (13)

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

Answer by  blahblah (670)

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.