CD calculator
See how much interest a certificate of deposit (CD) could earn by the end of its term. How it works
How it works
Enter the deposit, annual percentage yield (APY), term in months, and deposit date. APY is the effective annual return with compounding included. The deposit date sets the maturity date. The estimate treats the term in months as a fraction of a year.
Ending balance = deposit × (1 + APY ÷ 100)months ÷ 12
Compare two offers over the same term
On a $10,000 deposit over 12 months, 4.50% APY earns an estimated $450 and 4.15% earns $415. The difference is $35 before taxes and fees. When terms differ, the longer CD can earn more dollars because the money stays deposited longer.
Read the growth chart
Each point shows projected balance, including accrued interest. Check the offer terms for actual payout timing, day-count conventions, and early withdrawal penalties.
Why choose a CD?
A certificate of deposit (CD) is a type of cash deposit that earns interest over a set term. A fixed-rate CD locks in your rate for that period, so you can estimate what you’ll earn even if savings rates fall.
A CD can fit money you’ve set aside for a future expense. If you might need it sooner, a savings account gives you more flexibility. Most CDs charge a penalty if you withdraw before the term ends.
What to check before choosing a CD
Compare offers through the date you need the money
Start with the same deposit in both offers. Then check when each CD matures. If one ends after 12 months and the other after 18, the results cover different lengths of time. To compare them over 18 months, you also need an assumption about what the 12-month proceeds could earn during the remaining six months.
If you need the money for a specific expense, check the maturity date before comparing interest. A higher payout is useful only if you can wait for it or are comfortable with the cost of taking the money out early.
Check what happens at maturity
Look in the account agreement for automatic renewal and any grace period for withdrawing or changing the term. A CD may renew at a different rate. Use the quoted APY for the initial term and confirm the date and payout with the institution if you need the money on a particular day.