Use a CD rate calculator to figure out the amount of interest you'll earn on an account and what your total CD amount is once it reaches maturity.
Initial deposit, The amount of money you initially deposit into your CD. Usually, you can only make one deposit unless you have an add-on CD. Some banks require a minimum deposit amount to open a CD. ; CD term length, The amount of time you commit to keeping your money in a CD. Common term lengths range between six months and five years. ; Annual percentage yield (APY), This percentage indicates how much interest your money will earn within one year. Banks show the APY as the rate of their CD. ; Compounding frequency, Our calculator can also adjust compounding frequency, which refers to how often your interest earns interest upon itself. CDs with interest compounding daily earn interest quicker than those compounding monthly. If you don’t know how often your CD earns interest, keep the frequency set to monthly. ; Compounded interest, APY includes compounded interest, which accounts for the interest you earn on your interest. CD interest is usually compounded daily or monthly. Our CD interest calculator is compounded monthly to account for your extra savings. Here’s a simplified breakdown of monthly compounding considering a principal deposit of $10,000 and a 4% APY: ; Maturity date, Your CD “matures” when the term ends. If you withdraw money from your CD before it matures, you could face an early withdrawal penalty. The penalty will reduce the amount of interest you earn on your CD. You’ll need to allow the CD to mature untouched for the CD interest calculation to be accurate.
Interested in incorporating CDs into your financial strategy? Plan ahead by using this calculator to estimate interest earned based on APY and term length.
Deposit, Interest, Ending balance ; $10,000.00, $500.00, $10,500.00 ; $0.00, $525.00, $11,025.00 ; $0.00, $551.25, $11,576.25
The Certificate of Deposit (CD) calculator can be used to determine how much interest you earn on your CDs over time. This calculator also incorporates tax and inflation to provide the most accurat...
Certificate of Deposits (CDs) ; Premium Savings ; Relationship Savings ; Starter Savings Account ; Savings Calculator Library
How much will you earn on your certificate of deposit? Use this CD calculator to see how much interest you'll earn based on your APY and initial deposit.
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With interest rate cuts looming for September, prospective CD account holders should make these critical moves now.
Compound interest is commonly described as "interest earned on interest." ; Compound interest can work to your advantage as your investments grow over time, but against you if you're paying off debt, like credit cards. ; A calculator can help predict how much money compound interest will earn over time.