How to transfer cash from savings into a CD

phillycrush
phillycrush Member ✭✭
in Investing (Windows)
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!!

Answers

  • titanrx8
    titanrx8 Quicken Windows Subscription Member ✭✭
    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
    phillycrush Member ✭✭
    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
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited June 2019
    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?
    QWin Premier subscription
  • phillycrush
    phillycrush Member ✭✭
    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!!
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