Project your savings growth with fixed-rate Certificates of Deposit
Months
Years
Daily
Monthly
Quarterly
Annually
Total Balance$0.00
Interest Earned$0.00
How to Use the NerdWallet-Style CD Rate Calculator
A Certificate of Deposit (CD) is a low-risk savings tool that typically offers higher interest rates than standard savings accounts in exchange for leaving your money untouched for a set period. Our calculator helps you visualize exactly how much interest your deposit will accrue based on current market APYs.
Key Factors in Your CD Earnings
Initial Deposit: The lump sum you place into the CD at opening. Note that most CDs do not allow additional contributions after the start date.
Annual Percentage Yield (APY): This is the effective annual rate of return, taking compounding interest into account.
Compounding Frequency: How often interest is calculated and added to your balance. Daily compounding is generally the most beneficial for savers.
Term Length: The maturity period. Short-term CDs range from 3 to 12 months, while long-term options can span 5 to 10 years.
Example Calculation
If you deposit $10,000 into a 12-month CD with a 5.00% APY that compounds monthly, you would earn approximately $500 in interest by the end of the term, resulting in a total balance of $10,500.
The Power of Compounding
Compounding is the process where you earn interest on your interest. The more frequently your CD compounds, the faster your balance grows. While the difference between daily and monthly compounding on small amounts may seem negligible, it becomes significant over longer durations and larger deposit amounts.
Disclaimer: This calculator is for educational purposes only. Results are based on the inputs provided and assume the rate remains constant throughout the term. Penalties for early withdrawal are not included in these calculations.
function calculateCDGrowth() {
var deposit = parseFloat(document.getElementById('initialDeposit').value);
var apy = parseFloat(document.getElementById('annualApy').value);
var term = parseFloat(document.getElementById('termValue').value);
var unit = document.getElementById('termUnit').value;
var compoundsPerYear = parseFloat(document.getElementById('compoundingCycle').value);
// Validate inputs
if (isNaN(deposit) || deposit <= 0) {
alert("Please enter a valid initial deposit amount.");
return;
}
if (isNaN(apy) || apy < 0) {
alert("Please enter a valid APY.");
return;
}
if (isNaN(term) || term <= 0) {
alert("Please enter a valid term length.");
return;
}
// Convert term to years
var timeInYears = (unit === 'months') ? (term / 12) : term;
// Compound Interest Formula: A = P(1 + r/n)^(nt)
// r = annual interest rate (decimal)
// n = compounding periods per year
// t = time in years
var r = (apy / 100);
var n = compoundsPerYear;
var t = timeInYears;
// Formula calculation
var finalAmount = deposit * Math.pow((1 + (r / n)), (n * t));
var interestEarned = finalAmount – deposit;
// Display Results
document.getElementById('finalBalance').innerText = '$' + finalAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalInterest').innerText = '$' + interestEarned.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show results container
document.getElementById('cdResults').style.display = 'block';
}