Rockland Federal Credit Union Cd Rates Calculator

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Rockland Federal Credit Union CD Calculator

Projection Summary:

Total Interest Earned:

Final Balance:

function calculateRFCUCD() { var principal = parseFloat(document.getElementById('depositAmount').value); var apy = parseFloat(document.getElementById('apyValue').value); var months = parseFloat(document.getElementById('termMonths').value); var resultDiv = document.getElementById('resultDisplay'); if (isNaN(principal) || isNaN(apy) || isNaN(months) || principal <= 0 || apy < 0 || months <= 0) { alert("Please enter valid positive numbers for all fields."); return; } // Standard APY formula: A = P(1 + r)^t where t is in years var years = months / 12; var rateDecimal = apy / 100; // Using the annual compounding formula which APY represents var totalValue = principal * Math.pow((1 + rateDecimal), years); var interestEarned = totalValue – principal; document.getElementById('totalInterest').innerText = "$" + interestEarned.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('finalBalance').innerText = "$" + totalValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultDiv.style.display = 'block'; }

Understanding Rockland Federal Credit Union CD Rates

Rockland Federal Credit Union (RFCU) offers a variety of Certificates of Deposit (CDs) designed to help members grow their savings with guaranteed returns. Unlike a standard savings account, a CD locks your money for a specific term in exchange for a higher Annual Percentage Yield (APY).

How Does the RFCU CD Calculator Work?

Our calculator uses the standard financial formula for APY to estimate your future earnings. By inputting your initial deposit, the current rate offered by Rockland Federal Credit Union, and the length of the term, you can see exactly how much interest you will accrue by the date of maturity.

  • Principal: The amount of money you intend to deposit initially.
  • Term: The duration of the CD, ranging from short-term (e.g., 6 months) to long-term (e.g., 60 months).
  • APY: The actual rate of return taking into account the effect of compounding interest.

Example Calculation

If you invest $10,000 in a 24-month CD at an APY of 4.00% at Rockland Federal Credit Union, the calculation would look like this:

Initial Deposit: $10,000
Term: 2 Years
Calculation: $10,000 * (1 + 0.04)^2 = $10,816.00
Total Interest: $816.00

Why Choose a CD at RFCU?

Rockland Federal Credit Union is known for competitive rates in the Massachusetts region. Members often choose CDs for several reasons:

  1. Safety: RFCU accounts are typically insured by the NCUA, making your principal investment safe.
  2. Fixed Returns: Unlike the stock market, your rate is locked in for the duration of the term, protecting you against falling interest rates.
  3. Diverse Terms: Whether you need your money back in a year or five, there is usually a term that fits your financial goals.

Important Considerations

Before opening an account, remember that most CDs carry an Early Withdrawal Penalty. If you need to access your funds before the term expires, Rockland Federal Credit Union may charge a penalty that could eat into your interest or even a portion of your principal. Always ensure the term length aligns with your liquidity needs.

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