Certificate of Deposit Calculator

See what your CD will be worth at maturity, how much interest it earns, and the effective APY. Enter your deposit, rate and term, then press Calculate.

Written by TopicDrill Editorial Team·Updated June 2026

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Balance growth to maturity

How the CD calculator works

A certificate of deposit locks in a fixed rate for a set term in exchange for keeping your money on deposit. Interest compounds at a chosen frequency, so each period you earn interest on the deposit plus any interest already credited. The chart shows the balance climbing steadily until maturity.

The calculator also reports the effective APY, which folds compounding into a single yearly yield. Because APY accounts for how often interest is added, it is the fairest way to compare two CDs with different rates or compounding schedules.

A quick example

Deposit $10,000 in a 24 month CD at 4.5% compounded daily. The effective APY is about 4.60%, and at maturity the CD is worth roughly $10,941. That is close to $941 in interest for simply leaving the money untouched for two years.

Things to keep in mind

Quoted CD rates change with the market, and early withdrawals usually carry a penalty, so only commit cash you can leave alone. For background on deposit insurance and saving safely, the Consumer Financial Protection Bureau is a reliable source. Compare savings options with our other free calculators.

Frequently asked questions

How is CD interest calculated?

A CD pays a fixed rate that compounds at a set frequency, often daily. The balance grows by the rate each period and earns interest on prior interest. At maturity you receive your deposit plus all the accumulated interest.

What is the difference between rate and APY?

The nominal rate is the stated annual rate before compounding. APY, or annual percentage yield, includes the effect of compounding, so it is slightly higher. APY is the best figure for comparing CDs because it reflects what you truly earn in a year.

What happens if I withdraw early?

Most CDs charge an early withdrawal penalty, often several months of interest, if you take the money out before the term ends. This calculator assumes you hold the CD to maturity, so it does not subtract any penalty.

Are CDs a safe place to save?

CDs at banks insured by the FDIC are protected up to the legal limit per depositor, per institution, which makes them low risk. The main trade-off is that your money is locked in for the term, so use cash you will not need before maturity.

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