I've made a budget for this year; after contributing the max to my IRA and 401K ($5,500 and $18,000, respectively, for 2015) I've realized that I have a lot of money that I'll be able to use. As such, I've decided that I want to put away approximately $4,000 per month so that I can have close to $50,000 at the end of the year.
I was thinking that I could put my money in a CD for a year. I know that it's possible to do ladder schemes with CDs, but I want to basically contribute to the CD every month until it matures. Is this possible with a CD, or can I only contribute to a CD when it rolls over?
(Of note, I'm aware that I may not reap the benefits of interest due to the way I would grow the account over time; I'd have the most benefit at the end of the term, for only one month, and at a lower yield than a CD with a higher minimum balance. Unfortunately, I could only avoid this if I were to invest more up front, which at the moment I can't do.)