I have a certificate of deposit already opened what happens if i add more money to it now?

MY Cd automatically renews I want to add more money to it now. If I do does the new money start earning interest from the point i put it in so my cd will be getting the interest at different times at different end dates will it have different interest rates? Is it even possible to add more money to a cd that is already opened? Also it wouldn't void my first entry and make it start over would it? I don't know much about CD's please someone let me know.|||I don't think you can add money to the one you already have.


Take the extra money and get another CD or open a savings account and when you have enough, buy another CD.


I guess just call the bank and ask them what's the best way to do it.|||You can not add money to a certificate of deposit once it is in contract. When it matures, you can cash it in, and open another CD at the current offering rate of that financial institution. Interest rates change, so you may get a lower one or a higher one depending on the competitive rate. Call around different banks and credit unions, ask them their going CD rate, some may even add a promotional % onto the current rate, just to get your business if you tell them you are 'shopping'. All it takes is a phone and a phone book and about 20 min time to get the best rate. Some banks require that you open a checking account (be aware of minimum amounts, or they could get you with penalties) Some don't. Key to all banking, is to watch your money carefully, they aren't in business to tell you how low on cash you are. They thrive on irresponsible people who overspend and bounce!|||You generally can't add money to a CD once it's open. You can add money at the expiration/renewal date. Then all the money is earning the same interest with the same maturity date.|||I agree once it is renewed you cant add money to it. Your best bet is to ask for another CD. Depending on the rates you may be better off placing the extra money into another saving option like a online account|||It is extremely unlikely that the bank will allow you to add more to an existing CD.





If you have enough money, just buy a 2nd CD, in which case you would have a different account number, end date and interest rate.|||you cannot add money once the money is deposited.