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Certificate of deposit calculator

Use our Certificate of Deposit calculator to determine how much your investment will grow with compounding interest.  Depending on how frequently the lender calculates interest earned, there can be a significant difference to interest earned.  This CD calculator allows you to test different savings options to find one that earns you the best returns.

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Definitions

Initial deposit
The starting balance for your CD.

Months
The total number of months for this CD to mature.

Interest rate
The published interest rate for this CD. Make sure to enter the actual interest rate, not the Annual Percentage Yield (APY).

Annual percentage yield (APY)
This is the effective annual interest rate earned for this CD. A CD's APY depends on the frequency of compounding and the interest rate. Since APY measures your actual interest earned per year, you can use it to compare CD's of different interest rates and compounding frequencies.

Compounding
Interest earned on your CD's accumulated interest. This calculator allows you to choose the frequency that your CD's interest income is added to your account. The more frequently this occurs, the sooner your accumulated interest income will generate additional interest. You may wish to check with your financial institution to find out how often interest is being compounded on your particular CD.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


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