Estimate your returns based on current SCU Certificate of Deposit APY yields.
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Monthly
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Annually
Total Interest Earned:$0.00
Final Balance:$0.00
How to Use the Scott Credit Union CD Calculator
Certificates of Deposit (CDs) at Scott Credit Union are a secure way to grow your savings with a fixed rate of return. Unlike standard savings accounts, a CD locks in your funds for a specific duration in exchange for a higher yield. This calculator helps you determine exactly how much interest your investment will generate over the term of the certificate.
To use this tool, simply enter your planned deposit amount, the current APY offered by Scott Credit Union, and the duration of the term in months. Our logic applies compound interest formulas to show your projected final balance.
Understanding SCU Certificate Terms
Deposit Amount: The initial funds you place into the CD. Most SCU certificates have a minimum opening deposit.
Annual Percentage Yield (APY): This is the effective annual rate of return, taking into account the effect of compounding interest.
Certificate Term: The length of time your money is committed. Common terms at Scott Credit Union range from 6 months to 5 years (60 months).
Compounding: This refers to how often the interest is calculated and added back to your principal. Most credit unions compound monthly or daily.
Example Calculation
If you deposit $10,000 into a 24-month Scott Credit Union CD with an APY of 4.25%, compounded monthly:
Initial Principal: $10,000
Monthly Interest Accrual: Your balance grows every month as interest is reinvested.
Total Interest after 2 years: Approximately $885.02
Total Maturity Value: $10,885.02
Why Choose Scott Credit Union?
Scott Credit Union often provides competitive rates compared to national banks. Additionally, your deposits are insured by the NCUA up to $250,000, ensuring that your principal is safe while it earns interest. Choosing a CD is ideal for members who have a specific financial goal in the near future and want to avoid the volatility of the stock market.
function calculateSCUCD() {
var deposit = parseFloat(document.getElementById('scu_deposit').value);
var apy = parseFloat(document.getElementById('scu_apy').value);
var termMonths = parseFloat(document.getElementById('scu_term').value);
var compounding = parseFloat(document.getElementById('scu_compounding').value);
if (isNaN(deposit) || isNaN(apy) || isNaN(termMonths) || deposit <= 0 || apy < 0 || termMonths <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
// Formula: A = P(1 + r/n)^(nt)
// r = annual rate (apy / 100)
// n = compounding periods per year
// t = years (months / 12)
var r = apy / 100;
var n = compounding;
var t = termMonths / 12;
var totalAmount = deposit * Math.pow((1 + (r / n)), (n * t));
var interestEarned = totalAmount – deposit;
document.getElementById('res_interest').innerText = "$" + interestEarned.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_total').innerText = "$" + totalAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('scu_results_box').style.display = 'block';
}