American Savings Bank Cd Rates Calculator

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Your Estimated CD Maturity Value

Enter your details above to see your estimated earnings.
function calculateCD() { var principal = document.getElementById("principal").value; var annualRate = document.getElementById("annualRate").value; var termMonths = document.getElementById("termMonths").value; var resultDiv = document.getElementById("result"); // Input validation if (principal === "" || annualRate === "" || termMonths === "") { resultDiv.innerHTML = "Please fill in all fields."; return; } principal = parseFloat(principal); annualRate = parseFloat(annualRate); termMonths = parseFloat(termMonths); if (isNaN(principal) || isNaN(annualRate) || isNaN(termMonths) || principal < 0 || annualRate < 0 || termMonths <= 0) { resultDiv.innerHTML = "Please enter valid positive numbers for all fields. Term must be greater than 0."; return; } // Convert APY to a monthly rate var monthlyRate = Math.pow((1 + annualRate / 100), (1 / 12)) – 1; // Calculate the future value (maturity value) var maturityValue = principal * Math.pow(1 + monthlyRate, termMonths); var totalInterestEarned = maturityValue – principal; // Display the results resultDiv.innerHTML = "Initial Deposit: $" + principal.toFixed(2) + "" + "CD Term: " + termMonths + " Months" + "Estimated APY: " + annualRate.toFixed(2) + "%" + "Estimated Maturity Value: $" + maturityValue.toFixed(2) + "" + "Estimated Total Interest Earned: $" + totalInterestEarned.toFixed(2) + ""; }

Understanding Certificate of Deposit (CD) Rates at American Savings Bank

A Certificate of Deposit (CD) is a popular savings product offered by financial institutions like American Savings Bank. It's a type of savings account that holds a fixed amount of money for a fixed period of time, in exchange for a fixed interest rate. CDs are generally considered a safe investment because they are insured by the FDIC up to the standard limits.

When you open a CD, you agree to leave your deposit untouched until the maturity date. In return, the bank typically offers a higher interest rate compared to a traditional savings account. The longer the term of the CD and the higher the initial deposit, the more interest you can potentially earn. American Savings Bank offers a variety of CD terms, allowing you to choose a timeline that best suits your financial goals.

How CD Rates Work

The interest rate on a CD is usually expressed as an Annual Percentage Yield (APY). The APY reflects the total amount of interest you will earn in a year, taking into account the effect of compounding. Compounding means that the interest earned on your deposit is added to the principal, and then the next interest calculation is based on this new, larger amount. This can significantly boost your earnings over time.

The APY offered by American Savings Bank can vary based on several factors, including prevailing market interest rates, the length of the CD term, and the amount you deposit. Generally, longer-term CDs and higher deposit amounts often come with higher APYs. It's important to compare the rates and terms offered by different banks, including American Savings Bank, to find the CD that aligns with your savings objectives.

Using the CD Rates Calculator

Our American Savings Bank CD Rates Calculator is a useful tool to help you estimate the potential growth of your savings. By entering a few key pieces of information, you can quickly see how much your initial deposit might grow by the time your CD reaches its maturity date.

  • Initial Deposit Amount: This is the principal amount you plan to deposit into the CD.
  • Annual Percentage Yield (APY): This is the interest rate offered by American Savings Bank for the specific CD term you are considering. Enter it as a percentage (e.g., 5.00 for 5.00%).
  • CD Term (in Months): This is the duration of the CD, specified in months.

Once you input these details, the calculator will provide an estimate of your Estimated Maturity Value (the total amount you'll have at the end of the term) and the Estimated Total Interest Earned. This can help you make informed decisions about which CD product at American Savings Bank best fits your financial strategy.

Example Calculation

Let's say you're considering a 12-month CD from American Savings Bank with an APY of 4.75% and you plan to deposit $5,000.

  • Initial Deposit Amount: $5,000
  • Annual Percentage Yield (APY): 4.75%
  • CD Term (in Months): 12

Using our calculator with these inputs, you would find that your estimated maturity value after 12 months could be approximately $5,245.69, with an estimated total interest earned of $245.69. This projection helps you visualize the financial benefit of locking in your funds with a CD.

Remember that CD rates can change, and it's always best to check the most current offerings directly with American Savings Bank.

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