How Do I Set Up a Certificate of Deposit Account in Quicken?

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Quicken can be used to manage your certificates of deposit. CDs have a set term (i.e., three months, six months, one year) over which they pay interest before maturing. At maturity, the owner has the option to roll over the CD for another term or cash it out for the value of the CD, plus accrued interest. If the CD is cashed out prior to maturity, a penalty will be assessed.

Add the CD to Quicken

  • Select "Investing" > "Security List" from the toolbar. Then select "New" in the dialogue box. Enter a name for the CD. If you have more than one CD, and want to easily differentiate your accounts in Quicken, name the accounts using the bank name and account number. When account numbers are lengthy, use the last four digits, only, when naming. Alternative method: use the CD's maturity date in the name. If only one CD matures on a specific date, this form of naming will avoid confusion. Do not enter anything in the "Ticker Symbol" field.

Manually Add the CD

  • Select "Add Manually" in the next dialogue box and choose "CD" as the type of security. Select "Cash" as the asset class and enter the CD's maturity date. Although CDs incur penalties when cashed out prior to their maturity dates, they are still considered liquid, or cash, investments. The CD will now be included with your other securities under the "Investing" toolbar.

References

  • Photo Credit BananaStock/BananaStock/Getty Images
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