Understanding Atlantic Union Bank CD Rates and Our Calculator
Certificates of Deposit (CDs) are a popular savings vehicle offered by banks like Atlantic Union Bank. They are time deposits that come with a fixed interest rate for a specified term. This means you agree to leave your money in the CD for a set period, and in return, you earn a guaranteed rate of return. CDs are generally considered a low-risk investment because they are typically insured by the FDIC (up to the standard maximum limits), protecting your principal even if the bank fails.
Atlantic Union Bank offers a variety of CD terms and rates, allowing customers to choose options that best suit their financial goals. When considering a CD, it's crucial to look at both the Annual Percentage Yield (APY) and the term length. The APY represents the total amount of interest you will earn in a year, taking into account compounding. The term length dictates how long your money will be locked up. Longer terms often come with higher interest rates, but they also mean less liquidity.
Our Atlantic Union Bank CD Rates Calculator is designed to help you easily estimate the potential earnings on your CD investment. By inputting the amount you wish to deposit and the APY offered by Atlantic Union Bank, you can quickly see how much interest you could earn over different term lengths. This tool can be invaluable when comparing different CD options or when deciding if a CD aligns with your savings strategy.
Key Terms to Understand:
- Principal: The initial amount of money you deposit into the CD.
- APY (Annual Percentage Yield): The effective annual rate of return, including compounding.
- Term: The length of time the money is deposited in the CD (e.g., 3 months, 1 year, 5 years).
- Maturity Date: The date when the CD term ends and you can withdraw your principal and earned interest without penalty.
- Early Withdrawal Penalty: A fee charged if you withdraw funds before the CD matures.
Use our calculator below to explore potential CD earnings and make more informed decisions about your savings with Atlantic Union Bank.
function calculateCDInterest() {
var depositAmount = parseFloat(document.getElementById("depositAmount").value);
var annualPercentageYield = parseFloat(document.getElementById("annualPercentageYield").value);
var termInMonths = parseInt(document.getElementById("termInMonths").value);
var resultDiv = document.getElementById("calculationResult");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(depositAmount) || isNaN(annualPercentageYield) || isNaN(termInMonths) || depositAmount <= 0 || annualPercentageYield < 0 || termInMonths <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
// Calculate monthly interest rate
var monthlyInterestRate = annualPercentageYield / 100 / 12;
// Calculate total interest earned using compound interest formula for each month
var totalInterestEarned = 0;
var currentBalance = depositAmount;
for (var i = 0; i < termInMonths; i++) {
var interestThisMonth = currentBalance * monthlyInterestRate;
totalInterestEarned += interestThisMonth;
currentBalance += interestThisMonth;
}
var finalBalance = depositAmount + totalInterestEarned;
resultDiv.innerHTML = "
Estimated Earnings:
" +
"
Initial Deposit: $" + depositAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + "" +
"
APY: " + annualPercentageYield.toFixed(2) + "%" +
"
Term: " + termInMonths + " months" +
"
Total Interest Earned: $" + totalInterestEarned.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + "" +
"
Estimated Final Balance: $" + finalBalance.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + "";
}
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