Use this calculator to estimate your potential earnings on a Bank of America 6-month Certificate of Deposit (CD). Simply enter the amount you plan to deposit and the current 6-month CD APY offered by Bank of America. This calculator will show you the estimated interest earned and your total balance after the 6-month term.
Your Estimated Earnings:
Understanding 6-Month CDs
A Certificate of Deposit (CD) is a type of savings account with a fixed term and a fixed interest rate. Once you deposit money into a CD, you generally cannot withdraw it until the term ends without incurring a penalty. For a 6-month CD, your money is locked away for half a year.
Bank of America offers various CD terms, and their rates can fluctuate based on market conditions and promotional offers. The Annual Percentage Yield (APY) represents the total amount of interest you will earn in a year, including compounding. Even though this is a 6-month CD, the APY is an annualized figure, so we need to adjust it for the shorter term.
When considering a CD, it's important to compare the APY with other savings options and to be aware of any minimum deposit requirements or early withdrawal penalties. This calculator provides an estimate for informational purposes and actual returns may vary based on the exact APY at the time of opening and compounding frequency.
function calculateCDInterest() {
var depositAmountInput = document.getElementById("depositAmount");
var apyRateInput = document.getElementById("apyRate");
var resultDiv = document.getElementById("result");
var depositAmount = parseFloat(depositAmountInput.value);
var apyRate = parseFloat(apyRateInput.value);
if (isNaN(depositAmount) || isNaN(apyRate) || depositAmount <= 0 || apyRate < 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for deposit amount and APY.";
return;
}
// Convert APY percentage to a decimal
var annualInterestRate = apyRate / 100;
// Calculate the interest earned for 6 months (half a year)
// APY is an annualized rate, so for a 6-month term, we use half of it.
// This is a simplification; actual compounding within the 6 months could lead to slightly different results.
var interestEarned = depositAmount * (annualInterestRate / 2);
// Calculate the total balance after 6 months
var totalBalance = depositAmount + interestEarned;
resultDiv.innerHTML =
"Initial Deposit: $" + depositAmount.toFixed(2) + "" +
"Estimated Interest Earned (6 months): $" + interestEarned.toFixed(2) + "" +
"Estimated Total Balance (after 6 months): $" + totalBalance.toFixed(2) + "";
}
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