How can I convert an account from a Savings Account to a CD Account

MahwahJim

I know I can create a new CD account and transfer the $$ but I would loose the history of the single account plus I would have to reestablish the on-line connection to the bank which I would prefer not to do.

Ps56k2

Rocket J Squirrel said:

Where did you see that? You don't need to use Savings Bond. I have brokered CDs and Corporate Bonds and they have maturity dates. The bonds also have optional call dates.

OOPS - sorry - updated my previous posting above - text & screen grab -

 I created that Asset Type last time I was testing with the topic and wanted to see how bank issued CDs could be tracked and show up in the Maturity Report...  Can't -
But then - I was just testing with entering things manually to see how they looked,

not sure if they would look differently if actually downloaded from a brokered CD -

Guess I needed to scroll UP - vs the lower half of the Asset Type -

Frankx

sHi @MahwahJim,

You may have noticed that Quicken doesn't actually differentiate between savings accounts and certificates of deposit (in other words under "account types" under "Spending & Savings" there is a general "savings" category and no "certificate of deposit" listing at all.

So, yes - you can just change the "account name" of your savings account to "certificate of deposit" and also change the account number and you'll be good to go. To to that - first open the account in Quicken > click on the Gear icon (in the upper right of the screen) > go to the "Account Details tab > and make the changes.

Frankx

MahwahJim

Thanks Frankx for taking the time to help.

I've noticed that when Quicken imports a CD it sets it up as though it was an investment account (bond account) rather than a savings account. It is closer to a bond since it can have attributes like Maturity which is not available to a savings account. This allows me to track my maturities of different bonds and CD's.

Frankx

Yes, that is also a way to track CD's - it actually depends on how your financial institution's connectivity is setup.

Frankx

Ps56k2

MahwahJim said:
I've noticed that when Quicken imports a CD it sets it up as though it was an investment account (bond account) rather than a savings account

I have not seen that - but I only have a few bank issued CDs - Ally Bank -

and they are setup as "savings" -

Where are your CDs from that they appear as "investments" ?
Are they actually "bonds" issued from a brokerage ?

MahwahJim

Thanks ps56k
The imports are definitely CD's from banks like Western Union..

I'm really trying to find a way to convert an account from a Savings Account to an investment (bond) account to monitor a CD.

Does someone know how to make the conversion happen.

Frankx

Hi @MahwahJim,

So now I am confused.  Western Union is not a bank - it is a money transfer business.  It transfers money it cannot under law issue CD's.  Can you tell us the name of the entity that is holding your "CD's" - that would help us understand better how to do the "conversion" if it is possible.  Thanks.

Frankx

MahwahJim

Ignore the reference to Western Union. CD's are with banks such as Morgan Stanley Bank & Wells Fargo.

Frankx

Okay that makes sense. 

It sounds like the CD's are in a brokerage account but you mentioned in your first post that you didn't want to have to "reestablish the on-line connection to the bank".  So I'm confused.  Can you currently download info on these investments into a Quicken account?  If so, and if you don't want to have to reconnect, why not leave things as they are?  What am I missing?

Frankx

Ps56k2

MahwahJim said:
I've noticed that when Quicken imports a CD it sets it up as though it was an investment account (bond account) rather than a savings account.

I would love to see a screen capture of that CD setup in an account -

or any example of what you are talking about.... with a Maturity Date field -

I can do that MANUALLY - but have not seen it as a downloading account.

Even with a manual transaction of - Bonds Bought - I don't see a Maturity field ...
but I recall seeing these awhile ago, and there was a Report for Bond Maturity

AHHHH.... reading thru the Quicken Help - the magic is that the "security" needs to be setup as "Savings Bond" to get the Maturity Date field.... (Savings Bond is the only "bond" offered in the asset class).

Lastly - you can then see a report for Maturity Dates - for these specific bonds,
but ONLY for these uniquely defined bonds and not the normal bank CDs.
.... Reports --> Investments --> Maturity Dates for Bonds & CDs...

Rocket J Squirrel

ps56k said:

reading thru the Quicken Help - the magic is that the "security" needs to be setup as "Savings Bond" to get the Maturity Date field.... (Savings Bond is the only "bond" offered in the asset class).

Where did you see that? You don't need to use Savings Bond. I have brokered CDs and Corporate Bonds and they have maturity dates. The bonds also have optional call dates.

Rocket J Squirrel

MahwahJim said:

I know I can create a new CD account and transfer the $$ but I would loose the history of the single account plus I would have to reestablish the on-line connection to the bank which I would prefer not to do.

You cannot convert a savings account to a CD account. There is no such thing as a CD account in Quicken and in general, you cannot change the type of most kinds of accounts after you've set them up.

In order to track maturity dates, you need each CD to be a Security in Quicken and have it live in an investment account of some type (regular brokerage, IRA, etc.). If you want to maintain history, by which I guess you mean interest paid, you'll need to hand-enter it into the brokerage account.

Ps56k2

Rocket J Squirrel said:

Where did you see that? You don't need to use Savings Bond. I have brokered CDs and Corporate Bonds and they have maturity dates. The bonds also have optional call dates.

OOPS - sorry - updated my previous posting above - text & screen grab -

 I created that Asset Type last time I was testing with the topic and wanted to see how bank issued CDs could be tracked and show up in the Maturity Report...  Can't -
But then - I was just testing with entering things manually to see how they looked,

not sure if they would look differently if actually downloaded from a brokered CD -

Guess I needed to scroll UP - vs the lower half of the Asset Type -

MahwahJim

Thanks all for your time.

It seems clear that I can not "convert" my savings account to a security type to get the functionality I want. If I decide to go down that road I believe I will have to create a new Brokerage account and enter the transaction as is show above in RocketJSquire's screen shot.

Thanks aain