Should a CD account at my Credit Union Bank be entered into Quicken as an investment account or as a savings account?
Setting up Quicken 2010 Premier on a new computer and still a bit uncertain about some things such as this.
Gordon
CD Account
Jan 13, 2010
3 Replies
If you anticipate downloading from the financial institution, you'll need to setup the type of account they require. In my experience that means if the CD is held at a bank, you need a bank type account (savings account, in my case). If the CD is held at a brokerage, you'd need a Quicken investment account, and the CD defined as a security in Quicken.
If no downloads are expected, I don't think it matters all that much whether you call it an investment or savings; use the account type that reflects your view of the purpose of the CD.
If you anticipate downloading from the financial institution, you'll need to setup the type of account they require. In my experience that means if the CD is held at a bank, you need a bank type account (savings account, in my case). If the CD is held at a brokerage, you'd need a Quicken investment account, and the CD defined as a security in Quicken.
If no downloads are expected, I don't think it matters all that much whether you call it an investment or savings; use the account type that reflects your view of the purpose of the CD.
[Savings accounts can be given investment account treatment in later versions of Quicken. That is, you can have a savings account displayed in the Investing section of the Account Bar, and included as "Cash" in your asset allocation and other investment reports.]
Thanks, John, I've set this up as another account with my Credit Union Bank and the data import went well. I guess this is going to work out okay. There are monthly dividend payments to this account. I'll watch it closely and see if these download correctly.
Gordon
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