Huntington Bank Promotional CD Rates Calculator
Enter the details above to see your projected CD growth.
Understanding Your Huntington Bank Promotional CD Growth
Certificates of Deposit (CDs) are a popular savings product offered by banks like Huntington, providing a fixed interest rate for a predetermined term. Promotional CD rates are often special offers designed to attract new deposits with potentially higher yields than standard offerings.
When you invest in a CD, your initial deposit, also known as the principal, earns interest over the life of the term. The Annual Percentage Yield (APY) reflects the total amount of interest you will earn in a year, taking into account compounding. For CDs, this interest is typically compounded and paid out at the end of the term or at regular intervals as specified by the bank.
The calculator above helps you project how much your initial deposit will grow based on the specific promotional APY offered by Huntington Bank and the duration of the CD term in months. Understanding this potential growth can help you make informed decisions about where to allocate your savings for short-to-medium term financial goals.
How it Works:
The calculator uses the following formula to estimate the future value of your CD:
Future Value = Initial Deposit * (1 + APY / 100)^(Term in Years)
Where Term in Years is the number of months divided by 12.
function calculateCDGrowth() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var annualPercentageYield = parseFloat(document.getElementById("annualPercentageYield").value);
var termInMonths = parseFloat(document.getElementById("termInMonths").value);
var resultDiv = document.getElementById("result");
if (isNaN(initialDeposit) || isNaN(annualPercentageYield) || isNaN(termInMonths) || initialDeposit <= 0 || annualPercentageYield < 0 || termInMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
var termInYears = termInMonths / 12;
var interestEarned = initialDeposit * Math.pow((1 + annualPercentageYield / 100), termInYears) – initialDeposit;
var finalAmount = initialDeposit + interestEarned;
resultDiv.innerHTML = `
Projected CD Growth
Initial Deposit: $${initialDeposit.toFixed(2)}
APY: ${annualPercentageYield.toFixed(2)}%
Term: ${termInMonths} Months
Estimated Interest Earned: $${interestEarned.toFixed(2)}
Projected Final Amount: $${finalAmount.toFixed(2)}
`;
}
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