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CD Rate Calculator

Enter a deposit amount and up to four APY and term combinations to compare certificate of deposit offers side by side. The calculator shows interest earned, maturity value, and effective annual yield for each, and highlights the best result.

Shared deposit

Option APY (%) Term (months) Interest earned Maturity value Effective APY

Results update live. The highlighted row earns the most interest over its term.

Jessica Martinez
By Jessica Martinez, Contributing Writer, Business & Finance
Updated June 20, 2026

Want the interest calculation for one CD?

The CD Interest Calculator takes a single deposit, APY, and term and returns the exact maturity value, interest earned, and effective yield.

Open the CD Interest Calculator →

How to compare CD rates

The best CD rate is not always the highest APY. A shorter term with a slightly lower rate can outperform a longer term if you reinvest at maturity. This calculator shows interest earned over each term, which lets you compare directly.

Effective APY vs. stated APY. Both numbers appear in the comparison table above. The stated APY is what the bank advertises. The effective APY in this table is the annualized yield you actually earn over the specific term you entered. On a full 12-month term they match. On a 6-month term the effective APY reflects the annualized return on that shorter hold, which may be slightly different because of how daily compounding interacts with a partial year.

CD laddering: spreading across terms

One common strategy is a CD ladder. Instead of putting the full amount into a single term, you split the deposit across several terms, say 3 months, 6 months, 9 months, and 12 months, with equal amounts in each. When the shortest one matures you roll it into the longest available term. The result is that a portion of your money matures soon at all times, reducing the chance you need to pay an early withdrawal penalty, while the longer rungs still capture higher rates.

The comparison table above lets you model a simple ladder by entering each rung as a separate option on the same deposit amount. You can also try different amounts per rung by refreshing the calculator for each scenario.

What to check beyond the APY

Once you have a rate you like, read the fine print on three items before you open the account. First, the early withdrawal penalty: common ranges are 90 days of interest for terms under a year and 180 to 365 days for longer ones. Second, the compounding frequency: daily compounding is slightly more favorable than monthly, though the difference is small on most CD sizes. Third, the minimum deposit: some high-rate CDs require $1,000, $5,000, or more. FDIC insurance covers up to $250,000 per depositor per institution, so splitting large deposits across banks preserves full coverage.

Planning beyond one CD cycle?

The Investment Calculator models long-term growth with monthly contributions and compounding returns over many years.

Open the Investment Calculator →

This tool is informational and educational. It is not financial advice, and CD rates change frequently. Verify current rates directly with the institution before opening an account.

Jessica Martinez
About the author
Jessica Martinez
Contributing Writer, Business & Finance, Encore Editorial

A reformed credit analyst, Jessica Martinez turns dense financial paperwork into something you can actually use. She writes the explainers behind these calculators and checks every formula against a primary source before it ships.

Good to know

FAQs

How much will $10,000 make in a 6-month CD?

At 5.00% APY, a $10,000 six-month CD earns roughly $247 in interest and matures at $10,247. At 4.00% APY the interest is about $198. Use the CD Interest Calculator for the exact figure on any rate and term. The CD Rate Calculator on this page lets you compare that 6-month offer against other terms and rates at a glance.

Is there a 5% CD rate available?

CD rates change frequently and vary by institution, deposit amount, and term. In recent years a number of online banks and credit unions have offered APYs at or above 5% on short-term CDs, though rates move with the federal funds rate environment. Check a rate aggregator or contact specific institutions to see what is available when you are ready to open an account.

What is CD APY and how is it calculated?

APY stands for Annual Percentage Yield and is the effective annual return after compounding. The formula is APY = (1 + r/n)^n - 1, where r is the stated annual rate (APR) and n is the number of compounding periods per year. Under the Truth in Savings Act, banks must disclose APY on deposits, making it the right number to compare across institutions regardless of how each bank compounds.

How do I compare CD rates across different terms?

Enter the same deposit amount and different APY and term combinations in the four columns above. The row showing the most interest earned is highlighted. Keep in mind that a longer term may earn more total interest but ties up your money for a longer period and may carry a steeper early withdrawal penalty if you need funds before maturity.

What is CD laddering?

A CD ladder splits a total deposit across multiple CDs with different maturity dates. For example, you might put equal amounts into 3-month, 6-month, 9-month, and 12-month CDs. As each matures you roll it into the longest available term. The strategy keeps a portion of the deposit maturing regularly, reducing early withdrawal risk, while longer rungs capture higher rates. You can model a basic ladder by entering each rung as a separate option in the comparison table above.