📀 CD Calculator
A certificate of deposit locks your money away for a fixed term in exchange for a guaranteed yield, quoted as APY. This calculator grows your deposit at that APY for the term you choose and shows what you collect at maturity.
APY already accounts for compounding inside the CD, so the maths is simply the deposit multiplied by one plus the APY, raised to the term expressed in years. Early withdrawal penalties are not included.
How to use this calculator
Enter the deposit amount, the APY quoted by the bank and the term in months to find the CD's value at maturity and the interest earned.
- Enter the Deposit amount you plan to lock away.
- Type the Annual percentage yield (APY) from the bank's offer.
- Set the Term in months.
- Press Calculate to see the maturity value and total interest.
Frequently asked questions
What does this CD calculator compute?
It grows your deposit at the quoted APY for the chosen term and returns the value at maturity plus the interest earned. For example, $10,000 at 4.5% APY for 12 months matures at $10,450.
What is APY and why does the calculator use it?
APY is the effective yearly yield after compounding inside the CD. Because it already includes compounding, the maths is simply deposit times (1 + APY) raised to the term in years.
Are early withdrawal penalties included?
No. Banks typically charge several months of interest if you break a CD early, so treat the result as the hold-to-maturity figure.
Is the interest taxable?
Generally yes, CD interest is taxable income in the year it is earned, but this calculator shows pre-tax figures.