Certificate of Deposit (CD) Calculator
See the final balance and interest earned on a CD at a given APY.
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Inputs
$
APY already includes compounding
%
Final balance
$10,500.00
Interest: $500.00
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How it works
FV = deposit × (1 + APY)^(months/12). APY is the effective annual yield, so a 12-month term at 5% APY grows to exactly deposit × 1.05.
Frequently asked questions
Where should I park savings?
Short-term goals: high-yield savings or short CDs. Long-term: a diversified portfolio.
How big should my emergency fund be?
Most planners suggest 3–6 months of essential expenses, more if income is variable.
What's APY?
Annual Percentage Yield — the rate including compounding. Always compare APYs, not APRs.
Are bank accounts safe?
FDIC-insured accounts are protected up to $250,000 per depositor per bank per ownership category.
Should I lock money in a CD?
Only if you don't need it during the term — early withdrawals carry penalties.
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