💰 Bank CD Interest Calculator 💰
Free CD interest calculator with APY – Compare daily, monthly & quarterly compounding. Calculate earnings for 6-month to 5-year CDs with $20,000 or any amount.
CD Interest Calculator
Enter 0.5 for 6 months, 1 for 1 year, etc.
Current CD Rates
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| Bank | 6-Month | 1-Year | 3-Year | 5-Year |
|---|
Note: Rates shown are APY (Annual Percentage Yield) as of June 2025. FDIC insured up to $250,000 per depositor.
CD Interest Comparison by Compounding
See how different compounding frequencies affect your earnings on a $20,000 CD at 5.25% interest:
| Term | Daily Compounding | Monthly Compounding | Quarterly Compounding | Annual Compounding |
|---|---|---|---|---|
| 6 Months | $531.25 | $531.13 | $530.63 | $525.00 |
| 1 Year | $1,076.89 | $1,076.25 | $1,074.39 | $1,050.00 |
| 3 Years | $3,413.16 | $3,410.02 | $3,400.49 | $3,307.50 |
| 5 Years | $5,933.56 | $5,926.80 | $5,909.33 | $5,525.00 |
CD with Monthly Deposits Calculator
Calculate interest for CDs that allow monthly contributions (some credit unions offer these):
IRA CD Interest Calculator & Tax Benefits
An IRA CD combines the fixed returns of a CD with the tax advantages of an IRA:
- Traditional IRA CD: Contributions may be tax-deductible, earnings grow tax-deferred
- Roth IRA CD: Contributions are after-tax, but withdrawals are tax-free in retirement
- Both options: Avoid annual taxes on CD interest that apply to regular CDs
CD Interest Calculator FAQs
How does the bank CD interest calculator work?
Our bankrate CD interest calculator uses the compound interest formula: A = P(1 + r/n)^(nt) where P is principal, r is annual rate, n is compounding frequency, and t is time in years. It accurately calculates daily, monthly, quarterly or annual compounding.
How to avoid tax on CD interest with this calculator?
Select your tax bracket to see estimated taxes. To avoid taxes, consider IRA CDs (select “No Tax Calculation” for these). Our calculator shows exactly how much more you’ll earn tax-free versus taxable CDs.
What’s the difference between APY and interest rate?
The interest rate doesn’t account for compounding. APY (Annual Percentage Yield) does, so it’s higher when interest compounds more frequently. Our calculator shows both your entered rate and the effective APY.
Where can I find the best CD rates in San Francisco, Miami or New York?
Use our location filters to see the best CD rates in major cities. Online banks often offer higher rates than local branches. We update rates monthly from FDIC-insured institutions.
How accurate is this free CD interest calculator?
Our calculator provides professional-grade accuracy matching bank calculations. It accounts for exact day counts in compounding periods. For CDs with unusual terms, contact your bank for precise figures.