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About the CD calculator
A certificate of deposit (CD) is a savings account with a fixed rate for a fixed time — often 3 months to 5 years. You leave the money in, and at the end (the maturity date) you get it back with the interest. This free CD calculator shows how much that is.
Type the deposit, the interest rate and the term in months. Say if the rate is an APY or an APR, and pick how often the interest is compounded. You get the balance at the end, the interest earned, both APY and APR, and a table of other terms at the same rate.
Under More options you can add an early withdrawal penalty. Then you see what you get back if you need the money before the end.
The calculator does not know today's rates — it never looks anything up. Type the rate your bank offers.
Features
- Balance and interest — what the CD is worth on the last day, and the interest it earns
- APY or APR — type either one; the calculator shows the other
- Four kinds of compounding — daily, monthly, quarterly or yearly
- Any term — buttons for 3 months to 5 years, or type any number of months
- Early withdrawal penalty — set it in months of interest and see what you get back
- Other terms at a glance — a table with the same rate for 3 months to 5 years
- Any currency — dollars, euros, pounds, yen and more
- Private — nothing is sent anywhere; your numbers stay on this device
How much does a $10,000 CD earn?
At an example rate of 4.00% APY:
| Term | Balance at the end | Interest |
|---|---|---|
| 3 months | $10,098.53 | $98.53 |
| 6 months | $10,198.04 | $198.04 |
| 1 year | $10,400.00 | $400.00 |
| 18 months | $10,605.96 | $605.96 |
| 2 years | $10,816.00 | $816.00 |
| 3 years | $11,248.64 | $1,248.64 |
| 5 years | $12,166.53 | $2,166.53 |
Interest grows on interest, so 5 years earn more than 5 × $400. One year at 4.00% APY always earns 4% of the deposit: $40 on $1,000, $1,000 on $25,000, $4,000 on $100,000.
APY and APR: what is the difference?
- APR (the nominal rate) is the yearly rate before compounding.
- APY (annual percentage yield) is what you really earn in one year with compounding.
APY = (1 + APR ÷ n)ⁿ − 1, where n is the number of times interest is added per year (365 for daily).
Here is 4.00% APR on $10,000 for one year:
| Compounding | APY | Interest after 1 year |
|---|---|---|
| Daily | 4.081% | $408.08 |
| Monthly | 4.074% | $407.42 |
| Quarterly | 4.060% | $406.04 |
| Yearly | 4.000% | $400.00 |
The other way round, 4.00% APY is an APR of 3.922% with daily compounding, 3.928% with monthly and 3.941% with quarterly. Banks in the USA must show the APY, so compare CDs by their APY. When you type an APY, the compounding does not change the result for whole years.
Early withdrawal penalty: an example
Most CDs charge a penalty if you take the money out before the end. It is usually a number of months of interest. The calculator works it out as simple interest on the deposit at the APR:
$10,000 for 12 months at 4.00% APY, daily compounding, a penalty of 3 months of interest:
- Penalty: $10,000 × 3.922% ÷ 12 × 3 = $98.06
- Out after 6 months: $10,198.04 − $98.06 = $10,099.98 — you keep a little interest
- Out after 2 months: $10,065.58 − $98.06 = $9,967.52 — less than you put in
Penalties differ a lot between banks: 3 months of interest is common for short CDs, and 6 to 12 months or more for long ones. Read your bank's terms and type its number.
Frequently asked questions
How is CD interest calculated?
Balance = deposit × (1 + APR ÷ n)^(n × years), where n is how many times a year the interest is added. For a 6-month CD, years = 0.5. The interest is the balance minus the deposit.
How much interest will I earn on $10,000 in a CD?
At 4.00% APY: about $400 in one year, $816 in two years and $2,166.53 in five years. Type your bank's rate to see your own numbers.
Should I type the APY or the APR?
Type the number your bank shows and choose the matching kind. Most US banks show the APY. If you are not sure, choose APY: it is the number that says what you really earn.
Does compounding matter much?
A little. At 4.00% APR, daily compounding earns $408.08 a year on $10,000 and yearly compounding $400.00. Compare CDs by APY and the compounding is already included.
Is the interest on a CD taxed?
In many countries, yes — CD interest often counts as income. The calculator shows the interest before any tax. Check the rules where you live.
What happens when a CD matures?
You get the deposit and the interest back. Many banks give a short time to take the money out or move it, and then renew the CD for the same term at the rate of that day. Ask your bank how it works there.
Does this show today's CD rates?
No. The rate in the box is only an example, and the calculator never looks anything up. Type the rate your bank offers.
Related tools
- Compound Interest Calculator — savings with monthly deposits
- Savings Goal Calculator — how much to save each month for a goal
- Inflation Calculator — what your money will buy later
- Emergency Fund Calculator — how much cash to keep ready
- Retirement Calculator — what your savings could grow to
How to use it
- Type the deposit and the interest rate
- Choose whether the rate is an APY or an APR, and how often it is compounded
- Type the term in months, or tap a button from 3 months to 5 years
- Open More options to add an early withdrawal penalty and the month you would take the money out
- Read the balance at the end, the interest, APY and APR, and the table of other terms
