CD calculator
What a certificate of deposit earns by the time it matures.
About this calculator
This CD calculator shows what a certificate of deposit is worth when it matures. Enter the deposit, the rate, the term in months and how often interest compounds.
Compare offers from different banks by their APY, the yearly yield after compounding, and add your tax rate to see what you keep.
How it works
The deposit grows by the rate divided by the number of compounding periods, once per period, for the whole term: A = P × (1 + r/n)^(n × t).
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Worked example
- Deposit: $10,000
- Interest rate: 4.5% a year
- Term: 12 months
- Compounding: Daily
Balance at maturity: $10,460.25
Common questions
What is the difference between APY and the interest rate?
The interest rate is the yearly rate before compounding. The APY includes compounding, so it shows what you actually earn in a year. With daily compounding, the APY is a little higher than the rate.
Can I take money out of a CD early?
Usually yes, but banks charge a penalty, often several months of interest. Only put money in a CD that you won't need before it matures.
Are CDs safe?
In the US, CDs at banks insured by the FDIC are covered up to $250,000 per depositor, per bank, for each ownership category. Credit union CDs have similar cover through the NCUA.
Sources and further reading
The story behind it
Where the idea came from: First National City Bank of New York, now Citibank, introduced the negotiable certificate of deposit in 1961.
Banks have long paid more interest for money left with them for a fixed time. In 1961 a New York bank created a certificate of deposit that could be sold on to other investors, and CDs grew into one of the most popular ways to save. Today's CD is simpler: you lock in a rate for a term, and this calculator shows what that rate adds up to.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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