Find out how much your CD will be worth at maturity, including total interest earned.
A Certificate of Deposit locks your money away for a fixed term in exchange for a guaranteed interest rate, usually higher than a regular savings account, with interest compounding over the term.
Maturity Value = Principal × (1 + Rate ÷ n)^(n × Years), where n is the number of compounding periods per year.
A $10,000 CD at 4.5% APY compounded monthly for 12 months grows to about $10,459.94 - roughly $459.94 in interest.
It compounds your principal at the CD's fixed interest rate over the term length, based on the compounding frequency the bank uses (daily, monthly, etc.).
Most CDs charge an early withdrawal penalty (often a number of months' worth of interest), which this calculator doesn't include unless you factor it in separately.
Yes, in most jurisdictions CD interest is taxable as income in the year it's earned, even if you don't withdraw it.