CD Calculator
$0.00 at maturity
How CDs Differ From a Regular Savings Account
A certificate of deposit locks your money in for a fixed term in exchange for a fixed interest rate, typically higher than a standard savings account. Unlike a savings account, you generally can't add more money or withdraw early without paying an early withdrawal penalty — usually equal to several months of interest.
Why APY Already Accounts for Compounding
APY (Annual Percentage Yield) already reflects compounding, unlike a simple stated interest rate. This calculator uses your CD's actual compounding frequency to convert the APY into a period rate, so the result matches what your bank would actually credit.
Comparing CDs to Other Savings Goals
If you're saving toward a specific dollar goal rather than locking in a fixed term, the savings calculator shows how long it would take to get there with regular contributions.
Frequently Asked Questions
What happens if I withdraw from a CD early?
Most banks charge an early withdrawal penalty, commonly a forfeiture of several months of interest, which can sometimes eat into your original deposit.
Is APY the same as the interest rate?
APY reflects the effect of compounding over a year, so it is usually slightly higher than the simple stated interest rate for the same CD.