CD Interest Rate Calculator
By: Conor Keenan Last updated on July 5, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
A high yield savings account can offer as high of an APY as a CD, but with much more flexibility. Compare CDs & savings accounts with ease, find the right one for you, and open your account in minutes.
CD Simple Interest Calculator
Results:
Interest Earned: $0.00
Total Balance: $0.00
3.95% APY
On Raisin's Secure Site
for Sallie Mae, Member FDIC
Best For: Mid-Term + High APY From a Renowned Bank
Term: 10 Months
Sallie Mae was founded in 1972, since then the bank has continued to grow with almost $30 billion in total assets and has some of the highest CD rates around.
Sallie Mae bank currently offers 3.95% APY on their 10 month CD, exclusively through the Raisin Platform.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Customer service is located in New York and representatives are available via phone Monday - Friday 9:00am - 4:00 pm ET. You can also email or send them a message through the secure message center at any time.
This account is insured by the FDIC for up to $250,000 per depositor and comes with $0 monthly maintenance fees.
You'll have 24/7 access to your account and funds.
Sallie Mae has been putting educational & financial success within reach for more than 50 years, open your account and let them help you today.
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
See Raisin's Secure Site for Sallie Mae® Bank For More Details.
High APY
4.85% APY
On Raisin's Secure Site
for Ponce Bank,
FDIC Insured
Best For: High APY + Short Term
Term: 3 Month
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
Exclusively through the Raisin platform, Ponce Bank currently offers 4.85% 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.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
Interest compounds daily and is posted to your account monthly.
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.
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.
4.05% APY
On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured
Best For: Shorter Term + High APY From a Top Bank
Term: 3 Months
Western Alliance Bank offers 4.05% 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.
The Raisin platform also offers you the opportunity to access up to $10 million in federal deposit insurance through its network, all from a single secure login.
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
2.00% 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 low 2.00% APY on their 6 month CD.
This is their "Relationship Rate."
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 and the need to link a personal checking account, we don't recommend you opening a CD with Chase Bank.
4.00% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 9 Months
Discover Bank offers 4.00% 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.
3.00% 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 3.00% 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.
High APY
4.10% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Online Banking Experience + Customer Service
Term: 12 Months
Discover Bank offers 4.10% 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
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.
3.50% 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 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.
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.
4.94% APY
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.
3.75% 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 3.75% APY exclusively through the Raisin Platform on their 6 month CD.
New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.
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.
3.60% APY
On Discover Bank's Secure Site,
Member FDIC
Best For: Longer Term + Customer Service
Term: 24 Months
Discover Bank offers 3.60% 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™
Ponce Bank® Certificate of Deposit Account: 4.85% APY - 3 Month Term
Western Alliance Bank® High-Yield CD: 4.05% APY - 3 Month Term
Sallie Mae® Bank Certificate of Deposit: 4.00% APY - 14 Month Term
Discover® Bank Certificate of Deposit Account: 4.10% APY - 12 Month Term
Western Alliance Bank® High-Yield CD: 3.00% APY - 12 Month Term
Discover® Bank Certificate of Deposit Account: 4.00% APY - 9 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 3.50% APY - 11 Month Term
Sun Canyon BankTM High Yield Certificate of Deposit: 4.94% APY - 11 Month Term
Western Alliance Bank® High-Yield CD: 3.75% APY - 6 Month Term
Discover® Bank Certificate of Deposit Account:3.60% APY - 24 Month Term
Customers Also Viewed These High Yield Savings Accounts
Annual Percentage Yield (APY)
4.10% APY
APY as of October 14, 2024
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 4.10% as of October 14, 2024.
Your interest compounds daily and is deposited in your account monthly.
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.
4.10% APY
On Discover's Secure Site,
Member FDIC
Best For: Online Banking Experience + No Fees
Discover offers 4.10% APY with no monthly fees and $0 initial deposit.
Discover 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's Secure Site For More Details.
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:
- 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.
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
Alternatives to CDs
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.