function calculateUnitedBankCD() {
// Get Input Values
var depositInput = document.getElementById('ub_deposit');
var termInput = document.getElementById('ub_term');
var apyInput = document.getElementById('ub_apy');
var resultDiv = document.getElementById('ub_result');
var deposit = parseFloat(depositInput.value);
var months = parseFloat(termInput.value);
var apy = parseFloat(apyInput.value);
// Validation
if (isNaN(deposit) || deposit <= 0) {
alert("Please enter a valid 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;
}
// Calculation Logic: Compound Interest based on APY
// Formula: A = P * (1 + APY)^t
// where t is time in years
var years = months / 12.0;
var rateDecimal = apy / 100.0;
// Calculate Future Value using the APY formula
// This assumes the APY accounts for the compounding frequency
var futureValue = deposit * Math.pow((1 + rateDecimal), years);
var totalInterest = futureValue – deposit;
// Display Results
document.getElementById('res_deposit').innerText = "$" + deposit.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_term').innerText = months + " Months";
document.getElementById('res_apy').innerText = apy.toFixed(2) + "%";
document.getElementById('res_interest').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('res_total').innerText = "$" + futureValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show result section
resultDiv.style.display = "block";
}
Understanding United Bank CD Rates
Investing in a Certificate of Deposit (CD) with United Bank offers a secure way to grow your savings with a guaranteed return. Unlike standard savings accounts where rates fluctuate based on market conditions, a CD locks in your Annual Percentage Yield (APY) for a specific term. This United Bank CD Rates Calculator helps you project exactly how much interest you will earn based on your initial deposit, the term length, and the current APY offered.
How CD Earnings are Calculated
The earnings on a United Bank CD are primarily determined by the APY and the Term Length. The APY (Annual Percentage Yield) 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. Because CDs utilize compound interest, your earnings generate their own earnings over time.
For example, if you deposit $10,000 for a 24-month term at an APY of 4.50%, your money grows exponentially rather than linearly. At maturity, you would not just receive the principal back, but also the accumulated interest that has compounded over the two-year period.
Key Factors Affecting Your Return
Deposit Amount: United Bank may offer tiered rates where higher deposit balances qualify for better interest rates ("Jumbo CDs" or relationship rates).
Term Length: Generally, longer terms (e.g., 60 months) offer higher APYs compared to shorter terms (e.g., 6 months), though this can vary during inverted yield curve economic environments.
Compounding Frequency: While the APY standardizes the rate for comparison, understanding that interest often compounds daily or monthly helps explain why leaving the money untouched maximizes growth.
United Bank CD Types
When using this calculator, ensure you are inputting the correct APY for the specific type of CD product you are considering:
Standard Fixed-Rate CDs: The most common type where the rate remains constant for the entire term.
Promotional CDs: United Bank often offers "Special" terms (e.g., 7-month or 13-month) with elevated rates for a limited time.
Bump-Up CDs: These allow you to increase your rate once during the term if the bank's advertised rates go up.
Early Withdrawal Penalties
It is important to note that Certificates of Deposit are time-bound deposits. Withdrawing your principal before the maturity date usually incurs an Early Withdrawal Penalty. This penalty is often calculated as a specific number of months' worth of interest (e.g., 90 days of interest for terms under 12 months, or 180 days for longer terms). This calculator assumes you hold the CD until full maturity.
Strategic CD Laddering
To maximize liquidity while taking advantage of high United Bank CD rates, consider CD Laddering. This involves splitting your total investment across multiple CDs with different maturity dates (e.g., 1 year, 2 years, 3 years). As each CD matures, you can reinvest the funds into a new long-term CD or use the cash if needed, ensuring you always have access to a portion of your money annually without facing penalties.