Savings Calculators

Certificate of Deposit Calculator

Use this calculator to find out how much interest you can earn on a Certificate of Deposit (CD).

Inputs

Initial deposit

Interest rate (APR)

Term (months)

Compounding

Estimates only. Adjust any value to recalculate instantly.

Results

Value at maturity $10,939.90 $940 earned over 24 months

Initial deposit $10,000

Interest earned $940

Effective APY 4.59%

Maturity value $10,939.90

Deposit vs interest

Principal $10k
Interest $940

CD balance Balance

Compounding monthly turns a 4.50% rate into a 4.59% effective annual yield.

Certificate of deposit balances by yearView table

Year	Interest	Balance
1	$459	$10,459
2	$481	$10,940

How the certificate of deposit calculator works

It compounds your deposit at the CD's rate and compounding frequency to maturity, and converts the nominal rate into an effective annual yield (APY) so you can compare offers on equal terms.

Worked example

Worked example: with initial deposit of $10,000, interest rate (apr) of 4.50% and term (months) of 24, the certificate of deposit (cd) calculator shows value at maturity of $10,939.90.

Initial deposit: $10,000
Interest earned: $940
Effective APY: 4.59%
Maturity value: $10,939.90

The formula

Maturity = deposit × (1 + rate ÷ n)^(n × years); APY = (1 + rate ÷ n)ⁿ − 1, where n is the compounding periods per year.

Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.

Frequently asked

Questions about the certificate of deposit calculator

What is APY and how does it differ from the rate?

APY folds compounding into the stated rate, so it is always equal to or higher than the nominal rate. It is the best figure for comparing CDs and savings accounts.

Does compounding frequency matter much?

A little. Daily compounding earns slightly more than annual on the same rate; the calculator shows the exact effective APY for each option.

What happens if I withdraw early?

Most CDs charge an early-withdrawal penalty, often several months of interest, which this calculator does not include. Plan to hold to maturity.

Is the Certificate of Deposit Calculator free to use?

Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.

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