2006-10-05 07:36:05 · 4 answers · asked by odragonmommy 1 in Business & Finance ➔ Investing
A certificate of Deposit isn't an account -- it is a security. SEC and banking regulations prohibit the bank from letting you use it like a savings account.
If you have more funds, you can purchase another CD. But once the terms are set, they aren't usually changed.
2006-10-05 07:52:06 · answer #1 · answered by Ranto 7 · 0⤊ 0⤋
Actually, some CDs allow you to add money to it before maturity. You have to check with the bank to know if it is allowed. Some of these CDs are called "Bump Certificates" where you have the option to increase the rate on your CD if rates have gone up and also add more funds to it during the "rate bump."
There are also CDs called "add on" Certificates, which as the name implies allows you to add funds to the CD before maturity.
On the other hand, you can't take out money from a CD before it matures without receiving a penalty of lost interest.
2006-10-05 20:26:00 · answer #2 · answered by Coin 2 · 0⤊ 0⤋
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2016-12-08 09:01:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
sorry you can't. you can only deposit when it has matured. it is not liquid, but with a money market account you can deposit or withdraw funds.
2006-10-05 07:39:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋