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CD Interest Rate Calculator
By: Conor Keenan Last updated on December 1, 2023
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.
Editorial Freedom: The opinions, reviews, or recommendations expressed in any article by our editorial team are not endorsed by any financial institution or partner. Our editorial team's content is not provided or commissioned by any financial institution or our partners herein.
Right now, banks are offering some of the highest APYs in decades. It’s your time to cash in on these returns.
For savers who want to sock away $10,000 or more in a virtually risk-free investment, check out the best CDs recommended by our experts below, open your new account today and start taking advantage of compound interest now.
5.20% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 5.20% APY with no monthly fees and $2,500 initial deposit on their 12 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
CD Simple Interest Calculator
Results:
Interest Earned: $0.00
Total Balance: $0.00
High APY Rate
5.51% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: High APY From a Top Performing Bank
Term: 12 Months
Western Alliance Bank offers 5.51% APY exclusively through the Raisin Platform on their 12 month CD.
Interest compounds daily and is posted to your account monthly.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
4.20% APY
On U.S. Bank National Association's
Secure Site, Member FDIC
Best For: Shorter Term + Branch Access
Term: 7 Months
U.S. Bank offers a 7 month CD with up to 4.20% APY with no monthly fees and $1,000 initial deposit.
Rates vary by state & zip code.
U.S. Bank has over 2,000 branch locations in more than half of U.S. states.
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.
Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.
See U.S. Bank's Secure Site For More Details.
Compare With
Not Recommended
0.05% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 6 Months
Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.05% APY on their 6 month CD.
In order to receive that 0.05% APY, you need to deposit at least $10,000. Chase offers a lower minimum deposit of $1,000 but only offers 0.02% APR for that tier.
You must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY
Because of the bottom barrel APY, we don't recommend you opening a CD with Chase Bank.
No Penalty CD
4.90% APY
On CIT Bank's Secure Site,
Member FDIC
Best For: No Penalty Fees + High APY Interest Rates
Term: 11 Months
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
They currently offer 4.90% APY on their 11 Month No Penalty CD with no monthly fees.
There is no penalty to access funds if needed before maturity.
You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.
See CIT Bank's Secure Site For More Details.
5.40% APY
On Raisin's Secure Site
for Ponce Bank,
FDIC Insured
Best For: Very Short Term + Community Focus
Term: 3 Month
Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).
They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.
Exclusively through the Raisin platform, Ponce Bank currently offers 5.40% APY on their 1 Month CD with no monthly fees and a minimum initial deposit of $1.00.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
When you invest your savings with Ponce Bank you're helping underserved communities in America.
See Raisin's Secure Site For Ponce Bank to Get More Details.
Compare With
Not Recommended
1.50% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their CD accounts.
They currently offer a sad 1.50% APY on their 12 Month CD.
They require a minimum opening deposit of $2,500 and depending on where you live, your interest rate may vary as rates vary from state to state.
Because of the bottom barrel APY and varying rates by state, we don't recommend you opening a savings account with Wells Fargo.
High APY
5.70% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY
Term: 6 Months
Western Alliance Bank offers 5.70% APY exclusively through the Raisin Platform on their 6 month CD.
Interest compounds daily and is posted to your account monthly.
This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.
In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.
Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.
Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.
See Raisin's Secure Site for Western Alliance Bank to Get More Details.
Compare With
Not Recommended
0.03% APY
Not Recommended. Shown For Comparison Purposes Only.
Term: 12 Months
Bank of America, another large bank that offers nearly nothing on their CDs.
They currently offer a regretful 0.03% APY on their 12 Month CD.
Bank of America requires a minimum opening deposit of $10,000 to earn this low APY.
Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.
4.40% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Longer Term + Customer Service
Term: 24 Months
Discover Bank offers 4.40% APY with no monthly fees and $2,500 initial deposit on their 24 Month CD.
Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."
Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.
Interest compounds daily so lock in your 24 Month CD rate today & start earning guaranteed interest now.
See Discover Bank's Secure Site For More Details.
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Discover® Bank Certificate of Deposit Account: 5.20% APY - 12 Month Term
Western Alliance Bank® High Yield CD: 5.51% APY - 12 Month Term
U.S. Bank® Certificate of Deposit Account: up to 4.20% APY - 7 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 4.90% APY - 11 Month Term
Ponce Bank® Certificate of Deposit Account: 5.40% APY - 3 Month Term
Western Alliance Bank® High Yield CD: 5.70% APY - 6 Month Term
Discover® Bank Certificate of Deposit Account:4.40% APY - 24 Month Term
Customers Also Viewed These High-Yield Savings Accounts
APY as of December 04, 2023
4.30% APY
On American Express National Bank's Secure Site, Member FDIC
Best For: Competitive APY From An Online Bank
American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 4.30% as of December 04, 2023.
Other benefits of this account include no monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.
To top it off, American Express ranked #1 in Customer Satisfaction with Online Only Savings Accounts from Direct Banks according to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study.ⓘ
See American Express National Bank's Secure Site For More Details.
J.D. Power Award Details
American Express received the highest score in the savings segment of the J.D. Power 2022 U.S. Direct Banking Satisfaction Study of customers’ satisfaction with branchless banks. Visit jdpower.com/awards for more details.
5.07% APY
On Upgrade's Secure Site,
FDIC Insured
Best For: Online Banking + High APY Interest Rates
Are you tired of a clunky digital banking experience?
Upgrade was built from the ground up to deliver an excellent digital customer experience, evident in their top rated mobile app.
Upgrade currently offers 5.07% APY (Annual Percentage Yield) on their high yield savings account with no monthly fees. Minimum Balance for this APY is $1,000.
Upgrade is an incredible financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC and serviced by Upgrade.
U.S. based customer service is available daily via phone or email. You can open a premier savings account with Upgrade in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See Upgrade's Secure Site For More Details.
How to Use This Calculator:
- Initial Deposit: Enter the amount of money you wish to deposit into the Certificate of Deposit (CD). This is the initial amount that will earn interest over time.
- APY (Annual Percentage Yield): Input the APY offered by your bank or financial institution for the CD. This rate represents the annual interest your deposit will earn.
- CD Term Length (in months): Specify the duration (in months) you intend to keep your money in the CD without making any withdrawals.
- Calculate: Once you’ve filled in the required fields, click on the “Calculate” button to see how much interest you’ll earn and what your total balance will be at the end of the term.
Frequently Asked Questions (FAQ):
Q: What is a Certificate of Deposit (CD)?
A: A CD is a type of savings account offered by banks and financial institutions. It typically has a fixed term length and a fixed interest rate. In exchange for leaving your money in the CD for the entire term, you usually receive a higher interest rate than with regular savings accounts.
Q: Why can't I withdraw money before the term ends?
A: While you technically can withdraw your money before the CD term ends, doing so will usually result in a penalty. This penalty can be a portion of the interest earned or even a portion of the initial deposit, depending on the bank’s terms.
Q: Is my money safe in a CD?
A: Yes, CDs are considered low-risk investments. As long as the institution offering the CD is FDIC-insured (or its equivalent in countries outside the U.S.), your deposit is protected up to the FDIC limit.
Q: Can the interest rate change during the CD term?
A: For fixed-rate CDs, the interest rate remains the same throughout the term. However, there are variable-rate CDs where the interest can fluctuate based on certain indices. Always make sure to understand the terms before committing your money.
Q: Why is the APY higher than the interest rate?
A: APY represents the effective annual rate of return, taking into account the effect of compounding interest. If interest is compounded more frequently than annually, APY will be higher than the stated interest rate.
Before You Go, Don't Miss This High Yield CD
12 Month Term
APY
5.20%
On Discover Bank's Secure Site, Member FDIC