Estimate your earnings based on current APY offers and terms.
Monthly
Daily
Quarterly
Annually
Total Interest Earned:$0.00
Total Ending Balance:$0.00
Effective Yield Period:0 Months
Understanding South State Bank CD Rates
Investing in a Certificate of Deposit (CD) is one of the safest ways to grow your savings with a guaranteed return. South State Bank offers a variety of CD terms, often ranging from short-term options (like 6 months) to long-term investments (up to 60 months). This calculator helps you determine exactly how much interest your money will generate based on the specific APY (Annual Percentage Yield) offered.
How to Use This Calculator
To get an accurate estimate of your potential earnings, follow these steps:
Deposit Amount: Enter the total amount of money you plan to invest in the CD. South State Bank typically requires a minimum opening deposit (often around $1,000 for standard CDs or promotional rates).
APY (%): Input the current Annual Percentage Yield associated with the CD term you are interested in. Rates fluctuate based on market conditions, so check the latest "Specials" or standard rates on the bank's website.
Term Length: Enter the duration of the CD in months. Common terms include 6, 12, 13, 24, or 36 months.
Compounding Frequency: Most bank CDs compound interest either monthly or daily. While APY already accounts for compounding, this setting helps refine the calculation logic.
Why APY Matters
The APY is the most critical factor in your calculation. Unlike a simple interest rate, the APY reflects the total amount of interest you earn on your money over a year, taking into account the effect of compounding interest. A higher APY means your money grows faster. For example, a "Special" 13-month CD at South State Bank might offer a significantly higher APY than a standard 12-month savings account.
Factors Affecting Your Return
Several variables impact the final maturity value of your CD:
Rate Locks: Once you open a CD with South State Bank, your rate is generally fixed for the entire term, protecting you from market rate drops.
Early Withdrawal Penalties: If you withdraw funds before the maturity date, you may face penalties that reduce your earnings. This calculator assumes you hold the CD until maturity.
Promotional Terms: Banks often offer "odd-term" specials (like 7 months or 13 months) with higher rates to attract deposits. Always compare these against standard 1-year or 2-year terms.
Strategic CD Laddering
If you are unsure about locking all your funds away for a long period, consider using this calculator to plan a "CD Ladder." This involves dividing your total deposit into multiple CDs with different maturity dates (e.g., 1 year, 2 years, and 3 years). As each CD matures, you can reinvest the funds or access the cash, ensuring liquidity while still taking advantage of higher long-term rates.
function calculateCDReturns() {
// Get input values
var principal = parseFloat(document.getElementById('depositAmount').value);
var apy = parseFloat(document.getElementById('apyRate').value);
var months = parseFloat(document.getElementById('termLength').value);
var compoundingFreq = parseFloat(document.getElementById('compoundingFreq').value);
// Validation: Check if inputs are numbers and positive
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid positive deposit amount.");
return;
}
if (isNaN(apy) || apy < 0) {
alert("Please enter a valid APY percentage.");
return;
}
if (isNaN(months) || months <= 0) {
alert("Please enter a valid term length in months.");
return;
}
// Logic for CD Calculation based on APY
// Formula: Balance = Principal * (1 + APY/100)^(months/12)
// Note: When APY is given, we project that yield over the time period.
// If we want to strictly use compounding frequency logic derived from rate, it's complex because APY is the output of freq.
// However, for standard CD calculators where APY is the input:
// Future Value = P * (1 + r/n)^(n*t) is for Rate, not APY.
// For APY input, the effective growth is simply (1+APY)^Years.
var years = months / 12.0;
var rateDecimal = apy / 100.0;
// Calculate Final Balance
var finalBalance = principal * Math.pow((1 + rateDecimal), years);
// Calculate Interest Earned
var totalInterest = finalBalance – principal;
// Display Results
var resultDiv = document.getElementById('resultContainer');
var displayInterest = document.getElementById('displayInterest');
var displayBalance = document.getElementById('displayBalance');
var displayTerm = document.getElementById('displayTerm');
// Formatting currency
displayInterest.innerHTML = totalInterest.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
displayBalance.innerHTML = finalBalance.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
displayTerm.innerHTML = months + " Months";
// Show the result box
resultDiv.style.display = "block";
}