CD Calculator

Earnings on a certificate of deposit, and early withdrawal cost.

$

%

months

Optional

months of interest

Optional

months

Your result

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Enter your numbers to see the result.

This CD calculator shows how much a certificate of deposit will earn. Enter the deposit, the APY and the term in months to see your balance at maturity and the interest earned. You can also check what an early withdrawal penalty would cost if you need the money before the CD matures.

Please note: results are estimates for planning and learning. They are not financial, tax or legal advice. Tax rules, limits and rates can change, and your own situation may differ. Confirm with the IRS, your plan provider or a licensed professional before you act.
CD calculator showing earnings on a 10000 dollar 12-month CD
A $10,000 12-month CD at 4.2% APY.

What is a CD Calculator?

A certificate of deposit (CD) is a savings account that pays a fixed rate for a fixed term, such as 6 months, 1 year or 5 years. In return for that fixed rate, you agree not to withdraw the money early, or you pay a penalty, usually a few months of interest.

Banks advertise CD rates as APY (annual percentage yield), which already includes compounding. A CD calculator uses the APY and term to show exactly what you’ll have at maturity and what an early withdrawal would cost.

How does the CD Calculator work?

Because APY already reflects compounding, the balance at maturity is the deposit multiplied by (1 + APY) raised to the term in years.

For an early withdrawal, the calculator works out interest earned to that month and subtracts the penalty, measured as months of interest.

Balance = Deposit × (1 + APY)months/12Interest = Balance − Deposit. Penalty ≈ Deposit × [(1 + APY)penalty months/12 − 1].

How to use the CD Calculator step by step

  1. Enter your deposit.
  2. Enter the APY.
  3. Enter the term in months.
  4. Optionally enter the penalty and an early withdrawal month.
  5. Read the maturity balance and interest.
  6. Compare offers from several banks.

CD Calculator example with real numbers

You put $10,000 in a 12-month CD at 4.2% APY. The bank’s early withdrawal penalty is 3 months of interest, and you want to know what happens if you need the money after 6 months.

Example inputValue
Deposit$10,000
APY4.2%
Term12 months
Early withdrawal penalty3 months of interest
Withdraw early after (optional)6 months
Example outputValue
Balance at maturity$10,420.00
Interest earned$420.00
Average monthly interest$35.00
Interest earned by month 6$207.84
Penalty (3 months of interest)$103.39
You would receive$10,104.45

Held to maturity, the CD calculator shows a balance of $10,420.00. Withdrawing at month 6 would cost $103.39 in penalty, so you’d receive $10,104.45.

Key features of this CD Calculator

  • APY-based maturity value
  • Any term from 1 to 120 months
  • Early withdrawal penalty
  • Monthly average interest
  • FDIC/NCUA note

Who should use the CD Calculator?

Who is this CD Calculator for?

  • Savers with cash they won’t need for a while
  • Retirees wanting predictable income
  • People building a CD ladder
  • Anyone comparing CDs with high-yield savings

Practical use cases

  • Comparing a 6-month and 12-month CD
  • Checking what an early withdrawal costs
  • Planning a CD ladder
  • Comparing CD earnings with a savings account

Key benefits

  • Accurate: uses APY correctly.
  • Penalty clarity: know the cost of breaking a CD.
  • Easy comparisons: test several offers.
  • Simple: three main inputs.

Tips for better results

  • Compare APYs, not interest rates, across banks.
  • Build a CD ladder to keep money maturing regularly.
  • Keep emergency money in a high-yield savings account, not a CD.
  • Check whether the CD renews automatically at maturity.

Common mistakes to avoid

  • Locking up emergency funds in a CD.
  • Ignoring early withdrawal penalties.
  • Letting a CD auto-renew at a low rate.
  • Exceeding FDIC insurance limits at one bank.

Limitations of this CD Calculator

  • It assumes interest stays in the CD until maturity.
  • Penalty rules vary; some banks charge more or deduct from principal.
  • Taxes aren’t included.

CD Calculator vs other ways to calculate

OptionRateAccessInsurance
CDFixedPenalty for early withdrawalFDIC/NCUA up to $250,000
High-yield savingsVariableAnytimeFDIC/NCUA up to $250,000
Treasury billsFixedSell before maturityBacked by U.S. government
Money market fundVariableAnytimeNot FDIC-insured

For regular monthly investing, use the investment calculator. For an emergency fund, compare with a high-yield savings account.

Privacy and data handling

This CD Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.

CD Calculator FAQs

How is CD interest calculated?

With APY, the balance at maturity is deposit × (1 + APY)^(months ÷ 12).

What is APY?

Annual percentage yield: the yearly return including compounding. It’s the fairest way to compare savings products.

What is a CD ladder?

Splitting money across CDs with different maturities, such as 6, 12, 18 and 24 months, so some money becomes available regularly.

What is the early withdrawal penalty?

Usually a set number of months of interest, often 3 to 12 depending on the term.

Is CD interest taxable?

Yes. CD interest is taxed as ordinary income in the year it’s credited, even if you don’t withdraw it.

Are CDs safe?

CDs at FDIC-insured banks or NCUA-insured credit unions are protected up to $250,000 per depositor, per institution, per ownership category.

Sources and references

We checked the method and the current figures used in this CD Calculator against these official and primary sources:

Written and reviewed by the Qorico Team

Last updated: . Formulas tested against worked examples; current figures checked against the sources above.

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