How to transfer cash from savings into a CD

phillycrush

My husband and I recently bought a CD and I want to transfer the money from Money Market into the CD. I can figure out how to set up the CD; can't figure out how to transfer the money into it. Thanks in advance!!

titanrx8

Every account you have in your quicken file is also automatically also a transfer category. Just enter the name of the CD account you created as the category in a payment transaction in the register of your money market account. This reduces the balance in your money market and adds it to your CD.

phillycrush

Thanks for your quick response!! Actually I tried setting up the CD different ways and in the drop-down there is no way to transfer the money in. I tried setting it up as an investing account, as a savings account, as a checking account. When I try to transfer the money out of the Money Market, the new account does not appear in the drop-down.

Jim_Harman

Is this a "Bank" CD, held in an account by itself like a savings account at a bank, or is it a "brokered" CD, held (usually) with other securities in a brokerage account? The Quicken setup will be different depending on which it is.

And is your money market account a bank account, or is it also at a brokerage?

phillycrush

Jim, thanks so much for your response! I was following instructions I found while Googling this issue and it was of no help. I eventually just set it up like a brokerage account and left blank anything I could. This way I was able to transfer out of the money market into the CD. I already know the maturity date and how much interest will accrue, so I'm good to go!!