Estimate your returns with Forbright Bank's sustainable high-yield Certificates of Deposit.
Common terms: 9, 12, 18, 24, 36, 48, 60 months
Total Interest Earned:$0.00
Total Balance at Maturity:$0.00
Effective Yield Period:0 Months
Maximizing Savings with Forbright Bank CDs
Certificates of Deposit (CDs) serve as a secure foundation for many investment portfolios, offering guaranteed returns over a fixed period. Forbright Bank has distinguished itself in the banking sector not only by offering competitive interest rates but also by committing to sustainable and environmentally responsible financing practices. This calculator helps you estimate the potential growth of your savings using current market rates.
Understanding Forbright Bank CD Features
When considering a CD from Forbright Bank, it is essential to understand the variables that affect your return on investment:
Competitive APY: Forbright often offers Annual Percentage Yields (APY) that exceed the national average, particularly on terms ranging from 9 to 12 months.
Fixed Rate Security: Unlike savings accounts where rates can fluctuate, a CD locks in your rate for the entire term length.
Sustainability Focus: Funds deposited with Forbright often support their initiatives in clean energy and sustainable business practices.
FDIC Insurance: As an FDIC-insured institution, deposits are protected up to applicable limits, ensuring the safety of your principal.
How the Calculation Works
The earnings on a Certificate of Deposit are calculated using compound interest logic. While some banks compound interest daily or monthly, the Annual Percentage Yield (APY) is a standardized metric that reflects the total amount of interest paid on an account based on the interest rate and the frequency of compounding for a 365-day period.
To determine your future balance, the calculator uses the following formula adjusted for the term length:
Future Value = Deposit × (1 + APY)(Months / 12)
Strategies for CD Investing
CD Laddering: To balance liquidity with high returns, consider splitting your total deposit into multiple CDs with different maturity dates (e.g., 12, 24, and 36 months). This ensures you have access to cash at regular intervals while taking advantage of potentially higher rates for longer terms.
Short-Term vs. Long-Term: In a high-interest-rate environment, short-term CDs (6 to 12 months) often provide excellent yields without locking your money away for years. Conversely, if rates are expected to drop, locking in a 5-year CD can secure a high return long after market rates have fallen.
Note: This calculator provides estimates for planning purposes only. Actual returns may vary slightly based on specific compounding frequencies (daily vs. monthly) and the exact number of days in the term. Always verify current rates and terms directly with Forbright Bank before opening an account.
function calculateCDReturns() {
// 1. Get input values using specific IDs
var depositInput = document.getElementById('depositAmount');
var termInput = document.getElementById('cdTerm');
var apyInput = document.getElementById('apyRate');
var resultsDiv = document.getElementById('results');
// 2. Parse values
var principal = parseFloat(depositInput.value);
var months = parseFloat(termInput.value);
var apy = parseFloat(apyInput.value);
// 3. Validation
if (isNaN(principal) || principal <= 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: A = P * (1 + r)^t
// where r is APY in decimal, t is time in years
var rateDecimal = apy / 100;
var timeInYears = months / 12;
var finalAmount = principal * Math.pow((1 + rateDecimal), timeInYears);
var totalInterest = finalAmount – principal;
// 5. Formatting Results
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
// 6. Update DOM
document.getElementById('totalInterest').innerText = formatter.format(totalInterest);
document.getElementById('maturityBalance').innerText = formatter.format(finalAmount);
document.getElementById('termDisplay').innerText = months + " Months";
// 7. Show results
resultsDiv.style.display = 'block';
}