How to use this CD calculator
Use Single CD when you want to estimate the maturity value of one certificate of deposit. Enter the initial deposit, APY, and CD term in months.
Use Compare two CDs when you want to evaluate two offers using the same initial deposit. Enter the APY and term for each CD. Each option is projected to its own stated maturity.
Understanding your results
The estimated value at maturity is the projected balance when the CD reaches the end of its entered term. It includes the initial deposit plus estimated interest earned during that period.
Total interest earned shows how much of the projected maturity value comes from interest rather than the original deposit.
The results also display the deposit, APY, and term used in the estimate so you can review the assumptions behind it.
In comparison mode, the calculator shows the estimated maturity value and interest for both CDs, along with differences in APY, term, and projected interest earned.
What affects your CD estimate
Initial deposit
The initial deposit is the amount of money placed into the CD at the beginning of the term.
A larger deposit generally produces more interest in dollar terms when the APY and term remain the same because more money is earning the stated yield.
APY
APY, or annual percentage yield, reflects the annual return on a deposit account after taking compounding into account.
A higher APY generally produces a higher projected maturity value when the deposit and term are unchanged.
Because APY already reflects the annual effect of compounding, you do not need to enter a separate compounding frequency when using this calculator.
CD term
The CD term determines how long the deposit remains committed before the stated maturity date.
A longer term gives the money more time to earn interest, while a shorter term makes the funds available sooner.
The maturity value therefore depends on both the APY and the amount of time the money remains in the CD.
Comparing CDs with different terms
Comparison mode allows the two CDs to have different APYs and different terms. This can be useful when reviewing real CD offers, but the results should be interpreted in the context of those different maturity dates.
A longer-term CD may show more total interest simply because the money remains deposited for a longer period. A larger maturity balance does not automatically mean that it offers the stronger annual return.
Consider the APY together with the term, projected interest, and how long you are comfortable keeping the money committed.
When the terms differ, also remember that one CD may return your principal sooner, giving you an opportunity to use or reinvest the money before the other CD reaches maturity.
What this calculator does not model
The calculator assumes the initial deposit remains in the CD until its stated maturity. It does not include additional deposits or withdrawals during the term.
It also does not estimate early-withdrawal penalties. If money is withdrawn before maturity, the amount actually received could differ materially from the maturity estimate.
Taxes on interest are not included in the calculation.
The calculator also does not assume that a CD is renewed or reinvested after maturity.
Important assumptions and limitations
This calculator is a planning illustration, not a bank quote or a guarantee of future returns.
The estimate assumes the APY you enter remains available for the full selected CD term. Actual CD rates and terms depend on the financial institution and product.
Financial institutions may also have different interest-crediting practices, minimum-deposit requirements, early-withdrawal rules, fees, renewal provisions, and other account terms.
The calculator assumes there are no fees or other account-specific adjustments that reduce the projected maturity value.
When comparing CDs with different terms, remember that each CD is shown at its own maturity rather than over a common time horizon.
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Learn more about certificates of deposit
MarketReview's Banking section covers certificates of deposit, savings products, interest rates, and other deposit-account topics that can help you compare where and how to keep cash.