Use this CD calculator to calculate how much interest you can earn over the CD’s term. Input your planned deposit amount, the interest rate and term in years, and your projected earnings will appear based on how often it compounds interest.
*Rates from the Finder comparison table.
Fill in the following fields:
Interest is calculated at a fixed rate and multiplied by the amount of money in the CD. Most CDs compound interest on a daily or monthly basis. This means you’ll earn interest on your already earned interest.
With compound interest, you’ll continue to rack up interest until your CD matures.
If you’d rather calculate your CD’s interest by hand, follow the steps below to find the information for this equation:
A = P(1+r/n)nt
Let’s say you make a $5,000 deposit in a one-year CD, earning a 2% interest rate compounded daily. Here’s how you would calculate it using the order of operations:
Your CD would be worth $5,101 at maturity, which means you earned $101 in interest.
Here’s how much interest you’ll earn if you put $500 in a CD for up to five years — or 60 days — taking into consideration the national average rates(1) and applying a monthly compounding rate.
| Deposited amount | Term | National APY | Total earned interest |
|---|---|---|---|
| $500 | 6 months | 1.68% | $3.49 |
| $500 | 12 months | 1.84% | $9.02 |
| $500 | 36 months | 1.35% | $21.12 |
| $500 | 60 months | 1.35% | $35.70 |
While those rates are solid, there are higher-yielding options out there. Here’s the earning potential when you apply it to some of the best CD rates in the current market.
| Deposited amount | Term | APY | Earnings w/ monthly compounding interest |
|---|---|---|---|
| $500 | 6 months | 5.76% | $14.57 |
| $500 | 12 months | 5.60% | $28.73 |
| $500 | 36 months | 5.00% | $80.74 |
| $500 | 60 months | 4.59% | $128.71 |
Narrow down top CDs by opening deposits, APYs and popular terms. For an even closer comparison, tick the Compare box on up to four options to see features side by side.
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
CDs can be a safe way to grow your savings and avoid the temptation of spending. But before you lock your money away in a CD, there are a few things to keep in mind.
.
Consider CD laddering to maximize earnings
CD laddering is a strategy that involves buying multiple CDs with varying maturity dates and interest rates. For example, you could buy a one-year CD with $1,000, then a two-year term with $1,000. Once the one-year CD matures, you can invest that money into another one-year CD, and then you'll have two CDs that mature at the same time. When they mature at the same time, you can then take all the money you've earned from both CDs and invest it into a longer CD with a potentially higher interest rate. In short, it's a way to save up more money for longer CDs with better rates.
— Bethany Hickey, Editor, Banking.
No, you won’t lose money by opening a CD. CDs don’t have monthly fees and are a rather safe way to store money and earn interest, as long as it’s FDIC- or NCUA-insured.
There are only two potential ways you could lose money:
The term I chose is for 30 months. How should I enter that?
The calculator recognizes terms in years, not months. In this case, you would choose a 2.5-year term for 30 months.
I want to make at least $500 in interest; how would I figure that out?
You would have to play with the numbers, particularly the term length, until you come out with the earnings you want. If you want to earn $500 quickly, you’ll have a better chance of hitting your goal by depositing a large amount.
Is there a 6% CD?
No. Even the best CDs in the market top out at 5% APY, possibly reaching 5.50%. However, rates that high typically require large deposit amounts, often over $100,000.
Some international banks offer accounts with rates as high as 10% to 12%, and you can also find some high-yield savings accounts with rates around and above 5% APY.
At CD maturity, you can roll over your money into a new CD or cash it out and move your money to a checking, savings or investing account.
Compare, choose and apply for a certificate of deposit on finder.com. Competitive interest rates from leading financial institutions in the US.
The highest CD rates in Texas are from Ciera Bank, Quontic Bank, Susser Bank, Ally Bank and more. See the full list here.
Some of the highest CD rates in Florida are from Quontic Bank, Bethpage Federal Credit Union, First Internet Bank and more. See the full list here.
Some of the highest CD rates in Michigan are from Flagstar Bank, Quontic Bank, First Internet Bank, Ally Bank and more. See our full list here.
Savings rates are dropping, but you can lock in a high-APY CD without penalties for early withdrawal. Sallie Mae and Marcus CDs top our list.
Finding the best CD rate is vital to ensuring that your savings balance grows to the maximum amount possible in the shortest time.
Raisin’s Sallie Mae CDs offer a big APY for a small opening deposit.
See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2009 and learn how the economy affects rates.
Money market accounts offer easy access to your money, while CDs lock your savings away for a set time and often have higher interest rates.