Estimate your returns with UW Credit Union CD rates
$
Months
%
Total Balance at Maturity$0.00
Total Interest Earned$0.00
Effective Term0 Months
function calculateUWCD() {
// Get Input Values
var depositInput = document.getElementById('depositAmount');
var termInput = document.getElementById('cdTerm');
var apyInput = document.getElementById('apyRate');
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 in months (e.g., 6, 12, 24).");
return;
}
if (isNaN(apy) || apy < 0) {
alert("Please enter a valid APY percentage.");
return;
}
// Calculation Logic
// Formula for APY: Future Value = P * (1 + APY)^Years
// Since APY (Annual Percentage Yield) already accounts for compounding frequency,
// we calculate based on the annual yield proportioned to the term.
var years = months / 12.0;
var rateDecimal = apy / 100.0;
// Calculate Future Value using APY formula
var futureValue = deposit * Math.pow((1 + rateDecimal), years);
// Calculate Interest Earned
var interestTotal = futureValue – deposit;
// Formatting Results
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
// Display Results
document.getElementById('totalBalance').innerHTML = formatter.format(futureValue);
document.getElementById('interestEarned').innerHTML = formatter.format(interestTotal);
document.getElementById('termDisplay').innerHTML = months + " Months";
// Show result box
document.getElementById('results').style.display = 'block';
}
Maximizing Returns with the UW Credit Union CD Rates Calculator
Certificate of Deposit (CD) accounts are a cornerstone of low-risk investment strategies. For members of the UW Credit Union (or those considering joining), understanding how your savings can grow over specific terms is essential for financial planning. This calculator helps you project your potential earnings based on current APY offerings and your deposit amount.
How CD Interest Works
Unlike standard savings accounts where rates may fluctuate daily, a CD locks in an interest rate for a fixed period, known as the "term." The return on a CD is typically expressed as the Annual Percentage Yield (APY). The APY takes into account the effect of compounding interest, giving you a more accurate picture of your actual earnings over a year.
The calculation used in the tool above follows the standard compounding formula derived from APY:
Future Value = Deposit × (1 + APY/100)(Months/12)
This formula ensures that whether you choose a short-term 6-month CD or a long-term 5-year strategy, you can see exactly what your money will be worth at maturity.
Factors Influencing Your Earnings
When using the UW Credit Union CD Rates calculator, consider these three main variables:
Deposit Amount: Most CDs require a minimum opening deposit. UW Credit Union often has different tiers (e.g., Standard vs. Investor) where larger deposits may qualify for higher rates.
Term Length: Generally, longer terms (like 24 to 60 months) offer higher interest rates compared to shorter terms. However, your money is locked away for this duration.
APY: This is the most critical number. Even a small difference in APY (e.g., 4.00% vs 4.50%) can result in significant differences in interest earned on large balances over long periods.
Common UW Credit Union CD Terms
While specific rates change based on market conditions, typical terms you might input into the calculator include:
6 to 12 Months: Ideal for short-term savings goals, like saving for a vacation or a down payment on a car.
18 to 24 Months: A middle-ground option often balancing decent rates with moderate liquidity.
36 to 60 Months: Usually offers the highest rates, best for funds you won't need to access for several years.
Why Use a CD Calculator?
Early withdrawal penalties can reduce your earnings if you access your funds before the maturity date. By using this calculator, you can visualize the "reward" for keeping your money invested for the full term, helping you decide if the commitment fits your financial timeline.
Note: This calculator is for estimation purposes only. Actual returns may vary slightly due to rounding or specific compounding policies. Please verify current rates and terms directly with UW Credit Union before opening an account.