CD Calculator: Free Calculator for Certificates of Deposit

Enter your deposit, CD term and rate to see what interest you’d earn.
Spencer TierneyMar 10, 2021

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NerdWallet's CD calculator shows what you can earn with a CD, a type of savings account 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.

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The longer the term, the higher the rate tends to be. Terms typically range from three months to five years, so see how CDs fit in with your savings goals. Most have early withdrawal penalties, so be sure you won’t need your money before the term expires.

» Not sure how to open a CD? Here's a step-by-step guide to

This varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 0.70% APY will earn about $355 in interest, while a CD with 0.01% APY, all other factors the same, only earns $5 in interest. » Want to see other calculators? Check out our list of

CD rates are 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 before factoring in compound interest. For more details, see our .

Generally a CD has an early withdrawal penalty, which tends to range from a few months' to a year's worth of interest earned depending on the bank and the CD's term length. Longer lengths usually have bigger penalties. They only occur if you take out money before a CD term expires. Try our calculator to see dollar amounts for .

» Curious about CDs without penalties? See our list of

It partly depends on when the Federal Reserve raises its benchmark rate again, which might not be for a while. Federal Reserve actions are one factor in banks’ decision to change rates. Check where have been.

An online brokerage account is an option if you’ve already built a robust emergency fund and want to boost your long-term savings. Although these financial products come with more risk than CDs, they could lead to higher returns.

Picking the right broker comes down to your priorities. Some investors are willing to pay more for a top-notch platform; others count costs above all else. With brokerage accounts, you don't have to worry about early withdrawal penalties, but your funds may be more difficult to access in a pinch, given that you’ll likely need to sell some investment shares before you can devote that money to anything else.

» For in-depth guidance, check out .

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