Estimate your earnings based on current APY offers.
Months
Years
Enter the advertised APY for the specific term.
Initial Deposit:$0.00
Interest Earned:$0.00
Total Balance at Maturity:$0.00
Understanding Middlesex Savings Bank CD Rates
Investing in a Certificate of Deposit (CD) with Middlesex Savings Bank is a secure strategy to grow your savings with a guaranteed return. Unlike standard savings accounts where rates may fluctuate, a CD locks in an Annual Percentage Yield (APY) for a fixed period. This calculator helps you project exactly how much interest your deposit will generate over the lifespan of the certificate.
How to Use This Calculator
To get an accurate estimate of your return on investment, follow these steps:
Initial Deposit Amount: Enter the total amount of money you plan to invest in the CD. Note that Middlesex Savings Bank may have minimum deposit requirements for specific promotional rates (e.g., $500 or $1,000 minimums).
Term Length: Input the duration of the CD. You can choose between months or years. Common terms range from short-term (3 to 6 months) to long-term (up to 5 years).
Annual Percentage Yield (APY): Enter the current APY offered. Be sure to check for "Special" CD offers, which often carry higher rates than standard terms.
Why APY Matters
The Annual Percentage Yield (APY) is the most critical factor in your CD calculation. It represents the real rate of return earned on your savings, taking into account the effect of compounding interest. While the interest rate is the raw percentage, the APY gives you a more accurate picture of your earnings by assuming the interest remains in the account to compound.
Factors Influencing Your Earnings
When evaluating Middlesex Savings Bank CD rates, consider the following:
Term Commitment: Generally, longer terms offer higher APYs. However, you must be willing to lock away your funds for that duration.
Early Withdrawal Penalties: If you withdraw funds before the maturity date, banks typically charge a penalty, often calculated as a specific number of months' worth of interest. This calculator assumes you hold the CD until full maturity.
Promotional Rates: Banks frequently offer "CD Specials" with non-standard terms (e.g., 7 months or 13 months) that provide significantly higher yields than standard 1-year or 2-year CDs.
Frequently Asked Questions
Is the interest compounded daily or monthly?
Most consumer CDs compound interest daily or monthly and credit it monthly. The APY figure you enter into the calculator already accounts for this compounding frequency, simplifying the math to give you a clear "at maturity" total.
What happens when my CD matures?
At maturity, you typically have a grace period (often 10 days) to withdraw the funds, add to them, or let them roll over into a new CD at the current prevailing rate.
Disclaimer: This calculator is for educational and estimation purposes only. It assumes the interest is compounded according to the APY definition and remains in the account until maturity. Actual returns may vary slightly based on the specific compounding schedule and policies of Middlesex Savings Bank. Please verify current rates directly with the bank.
function calculateMSBCD() {
// 1. Get Input Values by ID
var depositInput = document.getElementById('msbDeposit');
var termInput = document.getElementById('msbTerm');
var termTypeInput = document.getElementById('msbTermType');
var apyInput = document.getElementById('msbApy');
var deposit = parseFloat(depositInput.value);
var term = parseFloat(termInput.value);
var termType = termTypeInput.value;
var apy = parseFloat(apyInput.value);
// 2. Validation
if (isNaN(deposit) || deposit <= 0) {
alert("Please enter a valid deposit amount.");
return;
}
if (isNaN(term) || term <= 0) {
alert("Please enter a valid term length.");
return;
}
if (isNaN(apy) || apy < 0) {
alert("Please enter a valid APY percentage.");
return;
}
// 3. Normalize Term to Years
var timeInYears = 0;
if (termType === 'months') {
timeInYears = term / 12;
} else {
timeInYears = term;
}
// 4. Calculate Future Value based on APY
// Formula: Future Value = P * (1 + APY_decimal) ^ Years
// This is the standard definition of APY. It assumes the effect of compounding is already inside the APY figure.
var apyDecimal = apy / 100;
var totalBalance = deposit * Math.pow((1 + apyDecimal), timeInYears);
// 5. Calculate Interest Earned
var totalInterest = totalBalance – deposit;
// 6. Format Output (Currency)
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
// 7. Update DOM elements
document.getElementById('displayDeposit').innerHTML = formatter.format(deposit);
document.getElementById('displayInterest').innerHTML = formatter.format(totalInterest);
document.getElementById('displayTotal').innerHTML = formatter.format(totalBalance);
// 8. Show Results Container
document.getElementById('msbResults').style.display = 'block';
}