Enter the current rate offered for your selected term
Initial Deposit:–
Total Interest Earned:–
Total Value at Maturity:–
Maximizing Returns with a Truist Bank CD Calculator
Certificates of Deposit (CDs) are a cornerstone of low-risk investment strategies. When banking with major institutions like Truist, understanding exactly how much interest your money will generate over a fixed term is crucial for financial planning. This Truist Bank CD Rates Calculator allows you to project your earnings based on current APY offerings and specific term lengths.
How CD Interest is Calculated
Unlike standard savings accounts where rates can fluctuate, a CD typically locks in an interest rate for a specific duration. The formula used to calculate your returns depends heavily on the Annual Percentage Yield (APY). The APY reflects the total amount of interest paid on an account based on the interest rate and the frequency of compounding for a 365-day year.
This calculator uses the compound interest formula adapted for APY inputs:
Principal (P): Your initial opening deposit.
APY (r): The effective annual rate advertised by the bank.
Time (t): The duration of the CD in years (calculated as Months / 12).
Understanding Truist CD Terms
Truist Bank offers a variety of CD terms ranging from short-term options (as low as 7 days) to long-term savings vehicles (up to 60 months). Choosing the right term involves balancing your liquidity needs with your yield goals.
Short-Term vs. Long-Term CDs
Generally, banks reward longer commitments with higher rates. However, in certain economic environments (like an inverted yield curve), short-term CDs might offer competitive or even superior rates. Use the calculator above to compare the outcome of a 12-month CD versus a 60-month CD to see if the liquidity trade-off is worth the difference in interest.
Key Factors Affecting Your Earnings
1. The Deposit Amount
Some Truist CD tiers may offer promotional rates for higher minimum deposits (e.g., "Jumbo" rates for deposits over $100,000). Always ensure you input the correct APY associated with your specific deposit tier.
2. Compounding Frequency
While the APY takes compounding into effect annually, the actual interest might compound daily or monthly. This calculator assumes the standard APY model where the rate provided is the effective yield over one year. This provides the most accurate estimation for consumer banking products.
3. Early Withdrawal Penalties
This tool calculates the Gross Return at Maturity. It does not account for penalties incurred if you withdraw funds before the term ends. Truist, like most banks, imposes a penalty (usually a set number of days' worth of interest) for early withdrawals. Always plan to keep your money deposited for the full term to realize the calculated returns.
How to Use This Tool
Check Current Rates: Visit the official Truist website or your local branch to get the current APY for your desired term.
Enter Deposit: Input the amount of money you plan to lock away.
Select Term: Enter the number of months the CD will be active (e.g., 12, 18, 24).
Calculate: Click the button to see your total estimated interest and final balance.
Disclaimer: This calculator is for educational and estimation purposes only. It assumes a fixed APY for the entire term and does not account for tax implications or specific account fees. Truist Bank rates and terms are subject to change. Please consult directly with a Truist Bank representative for the most accurate and current product information.
function calculateTruistCD() {
// 1. Get input values using var
var depositInput = document.getElementById('cdDepositAmount');
var termInput = document.getElementById('cdTermMonths');
var apyInput = document.getElementById('cdApyRate');
var deposit = parseFloat(depositInput.value);
var months = parseFloat(termInput.value);
var apy = parseFloat(apyInput.value);
// 2. clear previous results
var resultDiv = document.getElementById('resultsDisplay');
// 3. Validation
if (isNaN(deposit) || deposit <= 0) {
alert("Please enter a valid positive deposit amount.");
return;
}
if (isNaN(months) || months <= 0) {
alert("Please enter a valid term length in months.");
return;
}
if (isNaN(apy) || apy < 0) {
alert("Please enter a valid APY percentage.");
return;
}
// 4. Calculation Logic
// Formula based on APY: Final Amount = Principal * (1 + APY%)^(Years)
// Time in years
var years = months / 12.0;
// Convert APY percent to decimal
var rateDecimal = apy / 100.0;
// Calculate Total Balance
// Logic: A = P * (1 + r)^t
var totalBalance = deposit * Math.pow((1 + rateDecimal), years);
// Calculate Interest Earned
var totalInterest = totalBalance – deposit;
// 5. Formatting Output (Currency)
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
// 6. Update HTML Elements
document.getElementById('displayPrincipal').innerText = formatter.format(deposit);
document.getElementById('displayInterest').innerText = formatter.format(totalInterest);
document.getElementById('displayTotal').innerText = formatter.format(totalBalance);
// 7. Show results
resultDiv.style.display = 'block';
}