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CD Calculator: Free Calculator for Certificates of Deposit
Enter your deposit, CD term and rate to see what interest you would earn.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
NerdWallet's CD calculator shows what you can earn with a certificate of deposit, a type of savings account that you leave untouched for months or years. Like regular savings accounts, CDs are safe because they are federally insured. Use the CD calculator below to see total interest.
What should I know when choosing CDs?
Prioritize finding a high interest rate. Not every bank has competitive rates on its CDs. See our list of the best CD rates.
Not sure what certain concepts mean?Skip down to our glossary.
Avoid early withdrawal fees. Although short-term CDs mean less time to wait to access your money and less need to incur the penalty to get money early, long-term certificates typically have higher rates.
1.80%SoFi members with direct deposit can earn up to 1.80% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.80% APY is current as of 07/26/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
1.50%1.50% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 07/29/2022.
1.50%Advertised Online Savings Account APY is accurate as of 08/02/2022
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.00%The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 71x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met.
1.60%The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 1.60% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of August 01, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
1.80%SoFi members with direct deposit can earn up to 1.80% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.80% APY is current as of 07/26/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
CDs are safe investments that can help with some short-term savings goals, and you can find rates higher than you could last year, thanks to the Fed raising its rate. But keep in mind that with a higher inflation rate, you may need to consider multiple ways to save. See more details in our article on the pros and cons of CDs.
If you put $500 in a CD for five years, how much would you make?
This depends on the CD rate. A five-year CD at a competitive online bank could have a rate of 1.50% APY, which would earn nearly $40 in five years. A five-year CD rate closer to the national average, such as 0.57%, would earn about $7. If your savings are closer to $500 than $10,000, you might also consider a high-yield savings account, rewards checking options or neobanks with interest-earning accounts, which can have competitive interest rates with maximum balance limits.
How much does $10,000 in a CD make in a year?
This depends on the CD rate. A one-year CD with a rate of 1% APY earns $100, while a CD with a rate of 0.10% APY earns $10. To compare current rates, see the best one-year CD rates this month.
Can you lose money in a CD?
Only if you withdraw before the CD term matures. The penalty tends to vary from a few months' to a year’s worth of interest.
Are CDs worth it in 2022?
CDs are safe investments that can help with some short-term savings goals, and you can find rates higher than you could last year, thanks to the
If you put $500 in a CD for five years, how much would you make?
This depends on the CD rate. A five-year CD at a competitive online bank could have a rate of 1.50% APY, which would earn nearly $40 in five years. A five-year CD rate closer to the national average, such as
0.57%
, would earn about $7. If your savings are closer to $500 than $10,000, you might also consider a
, which can have competitive interest rates with maximum balance limits.
How much does $10,000 in a CD make in a year?
This depends on the CD rate. A one-year CD with a rate of 1% APY earns $100, while a CD with a rate of 0.10% APY earns $10. To compare current rates, see the
Only if you withdraw before the CD term matures. The penalty tends to vary from a few months' to a year’s worth of interest.
CD definitions
Initial deposit amount: The sum you’re putting into a single CD. You can usually only add money to a CD once.
CD interest: Money your bank pays you on the balance of a CD, usually expressed as an annual percentage yield. Learn more about how interest works.
CD term length: The total time frame that a CD is open for. Some of the most common terms are three months, six months, one year, 18 months, three years and five years. Learn about choosing between short-term and long-term CDs.
APY: Annual percentage yield is a percentage that reflects the amount of money, or interest, you earn on a bank account in one year. It includes compound interest, which is the interest earned on both an account balance and previous interest. Learn about how APY works.
Compounding frequency: The number of times your bank pays interest, such as daily, monthly or annually. Learn more about compound interest.
What happens if I withdraw a CD early?
Generally a CD has an early withdrawal penalty, which tends to range from a few months' to a year's worth of earned interest, depending on the bank and the CD term length. Longer term lengths usually have bigger penalties. These penalties occur only if you take out money before a CD term expires. Try our calculator to see what an early withdrawal penalty costs. If you want the flexibility of withdrawing early without a penalty, consider a no-penalty CD.
The longer the term, the higher the rate tends to be. Terms typically range from three months to five years. Most have early withdrawal penalties, so be sure you won’t need the money before the term expires.
» Not sure how to open a CD? Here's a step-by-step guide to opening a CD account
How much interest will you earn on a CD?
This varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 1.50% APY would earn around $770 in interest, while the same deposit in a five-year CD with 0.01% APY would earn only $5 in interest.
*Note: Interest rate and APY are slightly different. To be more exact, use the interest rate in the formula.
How do CD rates work?
CD rates are usually quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks and credit unions generally compound interest monthly or daily. An interest rate is similar to APY, but it doesn't factor in compound interest. For more details, see our explainer on APY.
When will CD rates go up?
CD rates have begun to rise and likely will continue to do so, since the Federal Reserve raised its rate in March 2022. Federal Reserve actions are one factor in banks’ decisions to change rates. See historical CD rates.
