function calculateTruMarkCD() {
// Get input values using var
var depositInput = document.getElementById('tm_deposit');
var termInput = document.getElementById('tm_term');
var apyInput = document.getElementById('tm_apy');
var resultsArea = document.getElementById('tm_results_area');
var principal = parseFloat(depositInput.value);
var months = parseFloat(termInput.value);
var apy = parseFloat(apyInput.value);
// Validation
if (isNaN(principal) || isNaN(months) || isNaN(apy) || principal <= 0 || months <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
// Calculation Logic
// Using APY formula: A = P * (1 + APY/100)^(years)
// Years = months / 12
var years = months / 12;
var rateDecimal = apy / 100;
// Final Amount based on APY
var finalAmount = principal * Math.pow((1 + rateDecimal), years);
// Total Interest
var totalInterest = finalAmount – principal;
// Display Results
resultsArea.style.display = 'block';
// Formatting function
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
document.getElementById('res_term').innerHTML = months + " Months (" + years.toFixed(2) + " Years)";
document.getElementById('res_interest').innerHTML = formatter.format(totalInterest);
document.getElementById('res_total').innerHTML = formatter.format(finalAmount);
}
Understanding TruMark Financial Certificate Rates
Investing in a Certificate of Deposit (CD) with institutions like TruMark Financial Credit Union is a secure strategy to grow your savings with a guaranteed return. Unlike standard savings accounts where rates can fluctuate, a CD locks in your Annual Percentage Yield (APY) for the duration of the term, providing predictability for your financial planning.
How to Use This Calculator
This tool helps you estimate the growth of your deposit based on current or promotional rates. To get an accurate projection:
Opening Deposit: Enter the amount of money you intend to invest. Note that many certificates require a minimum opening deposit (often $500 or $1,000 depending on the product).
Certificate Term: Input the duration of the CD in months. TruMark Financial often offers varied terms ranging from short-term (e.g., 3 to 6 months) to long-term (e.g., 60 months).
APY (%): Enter the specific Annual Percentage Yield associated with the certificate term you are interested in. This figure represents the real rate of return, taking into account the effect of compounding interest.
Why APY Matters More Than Interest Rate
When comparing CD rates, you will often see two numbers: the Interest Rate and the APY. This calculator uses APY because it is the most accurate reflection of your earnings. The APY includes the frequency of compounding (how often your interest earns interest). Since most credit union certificates compound dividends monthly or daily, the APY will be slightly higher than the nominal interest rate, resulting in higher maturity values.
Factors Influencing Your Returns
Several variables impact the final maturity value of your TruMark certificate:
Term Length: Generally, longer terms command higher APY rates. However, promotional "odd-term" CDs (like 19-month or 25-month specials) may sometimes offer better rates than standard terms.
Deposit Size: While the APY is often fixed, the absolute dollar amount of interest earned scales directly with your principal. Jumbo CDs (deposits over $100,000) may occasionally qualify for tier bumps.
Early Withdrawal: It is crucial to keep the funds in the account until maturity. Withdrawing principal before the term ends usually incurs a penalty, often calculated as a specific number of days' worth of interest (e.g., 90 or 180 days of dividends).
About TruMark Financial Credit Union
As a member-owned financial cooperative, TruMark Financial typically returns profits to members in the form of higher savings rates and lower loan rates compared to traditional big banks. Deposits are federally insured by the NCUA up to $250,000, offering the same level of protection as FDIC insurance at banks.
Disclaimer: This calculator is for educational purposes only. It assumes that the APY remains constant and that interest is compounded and added to the principal. Actual earnings may vary based on specific account terms, timing of deposit, and policies of TruMark Financial Credit Union. Please verify current rates directly with the institution.