CD Interest Rate Calculator

Conor Keenan Author Bio By: Conor Keenan  Last updated on April 1, 2024
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, recommendations or reviews expressed in any article by our team are not endorsed by any financial institution or partner. Compareaccounts is free thanks to commissions we receive from our partner offers below. Our team's content is not commissioned by our advertising partners or any financial institution herein.

Right now, banks are starting to lower their rates. It’s your time to lock in these High APYs while you can.

CD Simple Interest Calculator




Results:

Interest Earned: $0.00

Total Balance: $0.00

Customers Also Viewed These High Yield Savings Accounts

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + No Fees

Discover Bank offers 4.25% APY with no monthly fees and $0 initial deposit.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover Bank's Secure Site For More Details.

American Express High Yield Savings Account Logo

Annual Percentage Yield (APY)

4.30% APY

APY as of April 18, 2024

Rating:

 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 April 18, 2024.

Other benefits of this account include $0 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, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.

See American Express National Bank's Secure Site For More Details.

CompareAccounts™ Recommended Certificate of Deposit Accounts

 High APY 

Western Alliance Bank Powered by Raisin

5.26% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 3 Months

Western Alliance Bank offers 5.26% APY exclusively through the Raisin Platform on their 3 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.

 Limited Time Offer 

Discover Bank Logo

4.70% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 4.70% 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.

 Compare With

Chase Bank Logo

 Not Recommended 

0.05% APY

Rating:

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.

Sun Canyon Bank Powered By Raisin

4.94% APY

Rating:

On Raisin's Secure Site
for Sun Canyon Bank,
FDIC Insured

Best For: Mid-Term CD + High APY

Term: 11 Months

Sun Canyon BankTM is a division of Banterra® Bank, which was founded in 1975, has $3 billion in assets & is ranked in the Top 10% of U.S. Charter Banks.

They offer market leading rates. Exclusively through the Raisin platform, Sun Canyon Bank currently offers 4.94% APY on their 11 Month CD with no monthly fees and a minimum initial deposit of $1.00.

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.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

See Raisin's Secure Site For Sun Canyon Bank to Get More Details.

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 9 Months

Discover Bank offers 4.25% APY with no monthly fees and $2,500 initial deposit on their 9 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 on this offer so lock in your 9 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

Western Alliance Bank Powered by Raisin

5.05% APY

Rating:

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 5.05% 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.

 Compare With

Wells Fargo Logo

 Not Recommended 

1.50% APY

Rating:

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.

4.75% APY

Rating:

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 4.75% 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.

Cit Bank Logo

3.50% APY

Rating:

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 3.50% 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.

Ponce Bank Logo Powered By Raisin

5.35% APY

Rating:

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 5.35% APY on their 3 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

Bank of America Logo

 Not Recommended 

0.03% APY

Rating:

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.

Western Alliance Bank Powered by Raisin

5.23% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 6 Months

Western Alliance Bank offers 5.23% 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.

 Limited Time Offer 

Discover Bank Logo

4.00% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Longer Term + Customer Service

Term: 24 Months

Discover Bank offers 4.00% 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™

Western Alliance Bank® High-Yield CD: 5.26% APY - 3 Month Term

Western Alliance Bank® High-Yield CD: 5.05% APY - 12 Month Term

U.S. Bank® Certificate of Deposit Account: up to 4.75% APY - 7 Month Term

Western Alliance Bank® High-Yield CD: 5.23% APY - 6 Month Term

Certificates of Deposit (CDs) are a cornerstone of conservative investment strategies, offering a secure and predictable way to grow your savings. The CD Calculator stands out as an essential tool for anyone looking to navigate the complexities of CD investments, providing clarity on potential returns. This article delves into the intricacies of CD calculators, offering insights and guidance to both seasoned investors and newcomers alike.

How to Use This Calculator:

  1. 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.
  2. 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.
  3. CD Term Length (in months): Specify the duration (in months) you intend to keep your money in the CD without making any withdrawals.
  4. 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.

Factors Influencing CD Investment

Several key factors influence the potential return on CD investments, including the interest rates offered by banks, the amount of the initial deposit, the length of the term, and any applicable early withdrawal penalties. Understanding these factors is essential for anyone looking to maximize their investment through a CD.

CD Laddering Strategy

CD laddering is a sophisticated investment strategy that involves staggering the maturity dates of multiple CDs. If you’d like to learn more about this type of strategy please review our CD ladder page.

Alternatives to CDs

For investors seeking alternatives to CDs, we recommend exploring other investment options such as bonds, high yield savings accounts, money market funds, or checking accounts that offer a bonus.

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.