How much will your CD or fixed deposit earn?
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A certificate of deposit (CD), or fixed-term deposit, pays a guaranteed rate if you leave the money for the whole term. Banks quote APY, which already includes compounding, so the interest is deposit × ((1 + APY)^(years) − 1).
Withdrawing early usually costs several months of interest. In the US CDs are FDIC-insured up to $250,000 per depositor per bank.
| Deposit | 10000 |
| Rate | 4.2% |
| Rate is | APY (already compounded) |
| Compounding (if APR) | Monthly |
| Term | 12 months |
| Tax rate on interest | 0% |
| Currency | $ Dollar |
| Value at maturity | $10,420.00 |
| Interest earned | $420.00 |
| APY | 4.2% |
| After 0% tax | $420.00 interest |
$420.00 interest.
| Deposit | 25000 |
| Rate | 3.9% |
| Rate is | APY (already compounded) |
| Compounding (if APR) | Monthly |
| Term | 60 months |
| Tax rate on interest | 0% |
| Currency | $ Dollar |
| Value at maturity | $30,270.37 |
| Interest earned | $5,270.37 |
| APY | 3.9% |
| After 0% tax | $5,270.37 interest |
$5,270.37 interest.
At 4.2% APY, $420 before tax.
Yes in most countries; in the US it is taxed as ordinary income in the year it is credited.
Splitting money across CDs with different terms so some matures every few months or each year.
APY includes compounding; the interest rate does not. Compare offers by APY.