🏦 CD (Certificate of Deposit) Calculator
Calculate the final value and interest earned on a CD with any term, rate, and compounding frequency.
CD Details
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Maturity Value
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Interest Earned
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Effective APY
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Monthly Interest
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Maturity Date
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What is a Certificate of Deposit?
A CD is a savings product offered by banks and credit unions that pays a fixed interest rate in exchange for leaving your money untouched for a set period (the "term"). CDs are FDIC-insured up to $250,000 per depositor per institution.
CD Rates in 2024
High-yield CDs at online banks offered 4.5–5.5% APY in 2024, compared to the national average of ~1.7%. CD rates closely follow the Federal Reserve's benchmark rate.
Early Withdrawal Penalties
| CD Term | Typical Penalty |
|---|---|
| 3–6 months | 3 months' interest |
| 6–12 months | 6 months' interest |
| 1–2 years | 6–12 months' interest |
| 3–5 years | 12–18 months' interest |
What's a CD ladder strategy? +
A CD ladder involves splitting your money across multiple CDs with staggered maturity dates (e.g., 1-year, 2-year, 3-year, 4-year, 5-year). As each CD matures, you reinvest at the current rate. This provides regular access to funds, reduces reinvestment risk, and captures higher rates on longer-term CDs.