CD Calculator
Calculate the maturity value and total interest earned on a Certificate of Deposit (CD). Compare CD rates and see how your money grows.
How to Use This CD Calculator
- Enter your initial deposit amount.
- Enter the annual interest rate (APY) offered by your bank.
- Select the CD term in months.
- Choose the compounding frequency (daily, monthly, quarterly, etc.).
- Click "Calculate CD Value" to see maturity value and interest earned.
CD Formula
Where A = maturity value, P = principal, r = annual rate, n = compounding frequency per year, t = time in years.
Examples
$10,000 at 4.5% APY compounded monthly for 12 months:
Maturity = $10,000 × (1 + 0.045/12)^12 = $10,459.40
Interest = $459.40
Frequently Asked Questions
What is a CD?
A Certificate of Deposit (CD) is a savings product offered by banks and credit unions. You deposit a fixed amount for a set term (e.g., 6 months, 1 year) and earn a guaranteed interest rate. CDs typically offer higher rates than savings accounts because your money is locked up for the term.
Can I withdraw money from a CD early?
Yes, but you'll typically pay an early withdrawal penalty, which can range from a few months of interest to a year or more. Some banks offer no-penalty CDs with slightly lower rates. Check your CD terms before withdrawing early.