Automatic Deposits Into New CDs?

I was wondering if there is any way to setup automatic deposits into new bank CDs or if any banks offer this service. 

I'm willing to accept the early withdrawal penalties (because I won't be withdrawing early), but what I am not willing to accept is the time wasted filling out an application, etc every time I get money that I'd like to set aside for a year or two (which can be as frequently as once per month). So what I'm ideally looking for is an account that I can establish standing instructions to sweep the balance into a CD on a regular basis (let's say once per quarter) and then have the principal and interest from each CD direct deposited to an external account upon maturity.

Does such a thing exist?

The closest thing to a CD with regular automatic deposits is an installment savings account. These are not nearly as widespread as CDs. I described one popular installment savings account that's available at Wilshire State Bank in this November 2011 blog post.

 

Yeah I have few of those, but it's totally different because the Koren installment savings accounts are for fixed dollar amounts deposited on specific dates...I'm looking for something I can accumulate irregular amounts on irregular dates such as rent checks, dividends, etc but without the liquidity of a savings account. It's easy to get what I want by manually opening certificates, but not worth the hassle. 

However, after looking at your "installment savings" rate list I realized that the "Club Savings" accounts offered by most credit unions is almost what I'm looking for...only problem is disbursements are usualy fixed for June or October of every year whereas I'd either want to pick the disbursement date (ie "all deposits disbursed on 01/2015") or have each deposit be distributed after a fixed amount of time just like an automatic CD (ie "09/01/2011 deposit gets disbursed on 09/01/2016, 09/18/2011 deposit gets disbursed on 09/18/2016, etc, etc"). 

I just remembered that TreasuryDirect.gov offers this feature where you can direct deposit funds and then they will automatically purchase whatever bonds you have specified in your standing instructions. 

So that's pretty much exactly what I want...except with bank CDs instead of treasury bonds. But honestly? If I have to find the one special bank that offers it then I probably don't want anyway because they probably wouldn't be offering good rates. Just doesn't make any sense why this shouldn't be offered by every bank.