CD calculator

How much will my CD earn?

Balance at maturity = deposit × (1 + APY)^(years). $10,000 in a 12-month CD at 4.5% APY grows to $10,450 — $450 of interest.

What about a CD shorter than a year?

The same formula with a fraction of a year: a 6-month CD at 4.5% APY earns $222.52 on $10,000.

Why use APY rather than the rate?

APY already includes compounding, so the formula works the same whatever the bank's compounding schedule.

Can I take money out early?

Usually only with a penalty, which banks often state as a number of days’ or months’ interest — check your bank's terms before you open the CD.

Is CD interest taxable?

Generally yes, as ordinary income in the year it is earned, even if it stays in the CD. The calculator shows interest before tax.

Is my CD insured?

A bank CD is insured by the FDIC and a credit union CD by the NCUA, each up to $250,000, according to the CFPB. The FDIC applies the limit per depositor, per insured bank, for each ownership category, and adds up all of your deposits in one category at one bank, so a CD plus a savings account at the same bank count together.

What is a callable CD?

A CD that the issuing bank can end early, usually after an initial period. The SEC explains that banks tend to call when rates fall, so you get your principal and accrued interest back and must reinvest at a lower rate, while if rates rise you stay stuck at the lower one. A “non-callable” label refers only to the call period, not to the maturity date. The calculator assumes the CD runs to its full term.

How the maturity value is calculated

The balance at maturity is the deposit × (1 + APY) raised to the power of the term in years, with the months divided by 12. Because the APY already contains the compounding, you do not need to know how often the bank adds interest, and the same formula covers a 3-month or a 60-month CD. The interest earned is the balance minus the deposit. Banks work from the actual number of days in the term, so their figure can differ from this one by a few cents.

Worked example: $10,000 at 4.5% APY

A 12-month term gives $10,450.00, which is $450.00 of interest. A 6-month term gives $10,222.52: the interest, $222.52, is slightly less than half of the yearly $450.00 because the APY is an annual figure, not a six-month one. A 24-month term reaches $10,920.25 and a 60-month term $12,461.82. These are totals before tax and assume you leave the money alone until the end of the term.

Common mistakes

The first is treating the result as certain if you may need the money early: the CFPB says to compare the term, rate and early-withdrawal penalty, and Regulation DD requires banks to disclose how the penalty is calculated. The second is assuming that “non-callable” means the CD runs for the whole term. The third is exceeding the $250,000 insurance limit at one bank, which the SEC warns can happen unnoticed with brokered CDs. The fourth is forgetting tax: the IRS lists CD interest as taxable interest, and payers generally issue a Form 1099-INT for $10 or more.

Sources: CFPB, What is a certificate of deposit (CD)? (reviewed August 28, 2026); SEC Office of Investor Education and Advocacy, Certificates of Deposit: Tips for Investors (2008) on callable and brokered CDs; FDIC, Understanding Deposit Insurance; IRS, Topic no. 403, Interest received (reviewed October 7, 2026); Regulation DD, 12 CFR 1030.4, which requires banks to disclose early-withdrawal penalties. Convert between a rate and APY in the APY calculator, project regular deposits with the savings goal calculator and adjust for inflation in the real return calculator.

Estimates for planning only — not financial advice. Your bank's disclosures decide. How we check our calculators.