When you open a CD account, can you add money after the main sum is deposited or is it a one time deposit?

my standard savings account isnt worth the interest it pays. but, i dont want to open a CD if i cant add to it as it goes along.|||No, your CD is "locked in" and that means the rate, term, and the amount.





Some banks do offer a CD type product that allows you to add to it and the rate is usually a good medium between the savings rate and CD rate. Where I work it's called an ADD ON CD. It's only a 6 month term that you can access once in that time WITH NO PENALTY and can be added to as often as needed with a minimum of $25.00.





Does your bank have a product like that? That's what you need to ask.





Can you add to a regular Certificate Of Deposit? No.|||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. |||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. |||Generally, no, you can't add to a CD. I know there were some banks years ago who had a product like that.





What you need to do is to take a chunk of money and open a CD. Then, whenever you have the next chunk saved up (whatever your bank's minimum deposit for a CD is), open another CD.





You may also want to look into money market account. They generally have tiered interest rates - the higher your balance, the higher the interest rate. I'm not certain how they compare to CD rates at this moment. You may want to check out www.bankrate.com and compare.





Ask your bank to come in and talk to someone about your money and making a plan to earn more on it. That's what they are there for.





Good luck.