Certificate of Deposit Calculator

You can use this Certificate of Deposit Calculator to figure out how much interest you will earn on a certificate of deposit (CD). It also creates a detailed printable schedule of your Certificate of Deposit's balance and interest earned.

The CD Calculator is simple to use. Just follow the five easy steps below:

1. Enter the amount of the initial deposit
2. Input the annual interest rate of the CD, expressed as a percentage
3. Select the frequency of compounding from the drop-down list
4. Enter the length of the CD in months, and select the currency (optional)
5. Click on the 'Calculate' button to see the results.

Reference

The Certificate of Deposit Calculator uses the following formulae:

FV = D × (1 + r / n) ^nt

Where:

FV = Future Value of the CD,

D = Initial deposit amount,

r = Nominal annual interest rate in decimal form,

t = Number of years invested,

n = Number of compounding periods per year.

APY = (1 + r / n ) ⁿ - 1

Where:

APY = Annual Percentage Yield,

r = Annual (nominal) interest rate in decimal form,

n = Number of compounding periods per year.

Example: Kevin deposits $3,000 in a 1-year certificate of deposit (CD) at 5.6% annual interest compounded daily. How much will his CD be worth at maturity?

Solution: The nominal annual interest rate in decimal form is 5.6 / 100 = 0.056, using the formula above, we get:

FV = $3,000 × (1 + 0.056 / 365) ^{365 × 1}

FV = $3,000 × (1.00015342465) ³⁶⁵

FV = $3,000 × 1.057593138 = $3,172.779

FV = $3,172.78, the future value of the CD is $3,172.78

You may also be interested in our free Money Market Account Calculator