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CD Calculator: Free Calculator for Certificates of Deposit
Enter your deposit, CD term and rate to see what interest you would earn.
Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
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NerdWallet's CD calculator shows what you can earn with a certificate of deposit, a type of savings account that you leave untouched for months or years. Like regular savings accounts, CDs are safe because they are federally insured. Use the CD calculator below to see total interest.
What should I know when choosing CDs?
Prioritize finding a high interest rate. Not every bank has competitive rates on its CDs. See our list of the best CD rates.
Avoid early withdrawal fees. Although short-term CDs require less time to wait to access your money and less need to incur the penalty to get money early, long-term certificates have more time to earn interest.
Longer terms don’t always mean higher rates. The 2023 rate environment has seen higher rates on the best one-year CDs compared to three- or five-year CDs.
4.20%SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 04/24/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
4.75%Annual Percentage Yield (APY) is accurate as of 05/09/2023. APY is variable and subject to change at any time without notice. No monthly service charge. No minimum balance requirement. Must fund with 15 days of opening account.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.50%Annual percentage yield (variable) is as of 5/8/23. 5.00% APY with a $75K deposit or 4.75% APY with a $25K deposit. New customers only with qualifying deposit. Terms apply.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
Total amount: The sum you receive when you withdraw after a CD’s maturity date. The total amount includes the initial deposit and all compound interest.
Total interest earned: The sum the bank pays you based on a CD’s rate, term and initial deposit.
3 calculator assumptions
This CD calculator uses the following assumptions:
You have CDs at a bank and share certificates at a credit union. What isn’t covered are brokered CDs, meaning CDs offered by a brokerage firm, which don’t compound interest.
You choose to have interest grow in your CD. Many banks offer two options to receive CD interest: Keep it in the CD for the term, which is most common, or receive interest as regular payments to a separate account. The second option can provide a stable source of fixed income at a regular frequency, such as monthly or quarterly. But taking regular interest payments out of a CD means that interest doesn’t compound.
You don’t withdraw from a CD early. Keeping your money in a CD until the maturity date ensures you earn the full amount of interest. An early withdrawal usually means paying a penalty and forfeiting the remaining interest you would’ve received.
Compare top CD rates
A savings account is a place where you can store money securely while earning interest.
A savings account is a place where you can store money securely while earning interest.
4.20%SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.20% APY for savings. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 04/24/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
4.75%Annual Percentage Yield (APY) is accurate as of 05/09/2023. APY is variable and subject to change at any time without notice. No monthly service charge. No minimum balance requirement. Must fund with 15 days of opening account.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.50%Annual percentage yield (variable) is as of 5/8/23. 5.00% APY with a $75K deposit or 4.75% APY with a $25K deposit. New customers only with qualifying deposit. Terms apply.
3.30%Your annual percentage yield can be as high as 3.30% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
Monthly fee
$0
Money market accounts pay rates similar to savings accounts and have some checking features.
Money market accounts pay rates similar to savings accounts and have some checking features.
Deposit amount: The upfront sum you’re putting into a single CD. You can usually only add money to a CD once.
CD term length: The total time frame that a CD is open for. Some of the most common terms are three months, six months, one year, 18 months, three years and five years. Learn about choosing between short-term and long-term CDs.
🤓Nerdy Tip
Flipping the traditional trend, rates on one-year CDs lately have been higher than on five-year CDs.
APY: Annual percentage yield is a percentage that reflects the amount of money a bank pays you, or the interest, in a bank account in one year. It includes compound interest, which is the interest earned on both an account balance and previous interest. Put more simply, APY is the annual rate of return that factors in compounding. Learn about how APY works.
CD interest: Money your bank pays you on the balance of a CD, usually expressed as an annual percentage yield. Learn more about how interest works.
Compounding frequency: The number of times your bank pays interest, such as daily, monthly or annually. Learn more about compound interest.
Frequently asked questions
Are CDs worth it in 2023?
CDs are safe investments that can help with some short-term savings goals, and you can find rates higher than you could last year, thanks to the Fed raising its rate. But keep in mind that with higher inflation, a CD’s fixed rate may not always be enough to protect your cash against inflation. You may need to consider multiple ways to save. See more details in our article on the pros and cons of CDs.
If you put $500 in a CD for five years, how much would you make?
This depends on the CD rate. A five-year CD at a competitive online bank could have a rate of 4.00% APY, which would earn around $108 in interest in five years. A five-year CD with a 1% rate would earn about $25. If your savings are closer to $500 than $10,000, you might also consider a high-yield savings account, rewards checking options or neobanks with interest-earning accounts, which can have competitive interest rates with maximum balance limits.
How much does $10,000 in a CD make in a year?
This depends on the CD rate. A one-year CD with a rate of 5% APY earns $500, while the same CD with a 1% APY earns $100 and one with 0.10% APY earns $10. To compare current rates, see the best one-year CD rates this month.
Can you lose money in a CD?
Only if you withdraw before the CD term matures. The penalty tends to vary from a few months' to a year’s worth of interest.
Are CDs FDIC insured?
Yes, CDs are federally insured up to the maximum, $250,000 per account holder. Learn more about how CDs are safe.
What are share certificates?
Share certificates, or certificates, are the credit union equivalent of CDs. A credit union is a not-for-profit banking institution where customers are technically part owners. Owning part of a company means owning shares, hence the use of the word “share” at a credit union. Regular savings accounts are often called share accounts.
Are CDs worth it in 2023?
CDs are safe investments that can help with some short-term savings goals, and you can find rates higher than you could last year, thanks to the
. But keep in mind that with higher inflation, a CD’s fixed rate may not always be enough to protect your cash against inflation. You may need to consider
If you put $500 in a CD for five years, how much would you make?
This depends on the CD rate. A five-year CD at a competitive online bank could have a rate of 4.00% APY, which would earn around $108 in interest in five years. A five-year CD with a 1% rate would earn about $25. If your savings are closer to $500 than $10,000, you might also consider a
, which can have competitive interest rates with maximum balance limits.
How much does $10,000 in a CD make in a year?
This depends on the CD rate. A one-year CD with a rate of 5% APY earns $500, while the same CD with a 1% APY earns $100 and one with 0.10% APY earns $10. To compare current rates, see the
Share certificates, or certificates, are the credit union equivalent of CDs. A credit union is a not-for-profit banking institution where customers are technically part owners. Owning part of a company means owning shares, hence the use of the word “share” at a credit union. Regular savings accounts are often called share accounts.
What happens if I withdraw a CD early?
Generally a CD has an early withdrawal penalty, which can range from a few months' to a year's worth of earned interest, depending on the bank and the CD term length. Longer term lengths usually have bigger penalties. These penalties occur only if you take out money before a CD term expires. Try our calculator to see what an early withdrawal penalty costs. If you want the flexibility of withdrawing early without a penalty, consider a no-penalty CD.
What term length should you get?
Historically, the longer the term, the higher the rate tends to be. But the 2023 rate environment has seen the highest rates on shorter terms. Just remember that even if a short-term CD has a higher rate, it has less time to earn interest than a long-term CD does.
Standard terms range from three months to five years. Most have early withdrawal penalties, so be sure you won’t need the money before the term expires.
» Not sure how to open a CD? Here's a step-by-step guide to opening a CD account
How much interest will you earn on a CD?
The amount of interest earned on a CD varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 4.50% APY would earn around $2,460 in interest. The same CD with a 1.50% APY would earn around $770 in interest, and the same CD with a 0.01% APY would earn only $5 in interest.
CD rates are usually quoted as an annual percentage yield, or APY, which is how much the account earns in one year, including compound interest. Banks and credit unions generally compound interest monthly or daily. An interest rate is similar to APY, but it doesn't factor in compound interest. For more details, see our explainer on APY.
When will CD rates go up?
Starting in March 2022, the Federal Reserve raised its rate multiple times, and CD rates have been on the rise. Federal Reserve actions are one factor in banks’ decisions to change rates. See historical CD rates.