CD Calculator
A certificate of deposit holds money for a set term at a fixed rate. This shows the balance when the term ends and how much interest that adds.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The balance is the deposit times one plus the yearly rate divided by 12, raised to the number of months. That assumes interest is added each month.
Early withdrawal penalties and taxes on the interest are not included.
Worked example
A deposit of $10,000.00 at 4.5% a year for 12 months ends with $10,459.40. The interest earned is $459.40.
Questions
Does it matter how often interest is added?
A little. Banks differ in how often they add interest, so the final amount can differ somewhat from this estimate.
What if I take the money out early?
Many certificates charge a penalty for early withdrawal. That penalty is not included here.
Is the interest taxed?
Interest on a certificate is usually counted as income in the year it is earned. Your bank's yearly summary shows the amount.
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