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In follow-up to these two questions, how could I automate purchasing CDs on a routine basis (say every month) in the US?

Would it be specific to a given financial institution, or is this a common-enough practice that many/most/all credit unions and banks allow for it?

I'd like to be able to purchase a given length (perhaps 2 years, perhaps 5, or some other length) every month or two so that I am always earning interest, but also have relatively-ready-access to funds for various purposes (emergencies, vacations, school, car purchase, etc).

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2 Answers 2

Most CDs at most banks can be set to automatically renew (ask your bank for details). If you bought a 1 year CD every month, electing to automatically renew and you wouldn't have to touch it again after your 12 initial purchases if you didn't want to.

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I don't still have an account there, but ING Direct used to do that for you. They would set it so money would be freed up every 6 months but after a while you would have like 5-year ones to maximize returns.

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