When you open a CD account, can you add money after the main sum is deposited or is it a one time deposit?
Some will let you add to your CD. I personally have one that allows you to add funds at $1000. increments, pays 4.87%, reinvests interest and allows you to withdraw up to 1/2 the initial amount with no early withdraw penalities. I use the Ladder Up for savings. That way, even though you have your money in CD’s, if you have CD’s that mature at different times you willl have funds available to withdraw when you need them providing you purchase short term CD’s (3 mo., 6 mo. 9 mo, etc). And the good thing is that there isusually no fees unless you withdraw early. These are FDIC insured so not much chance you will loose your money like Stock Market.
It depends on the CD contract. Ask about adding to the CD when you go to open the account. I have some CDs which I cannot add to. I also have a CD in my IRA which can have more added to it throughout the year or all at once for the IRA contribution. I had never thought to have a regular CD (not retirement) which could be added to. I have heard of setting up multiple CDs to come up for renewal at regular intervals.
