CD Calculator (Certificate of Deposit)

Free CD calculator: enter your deposit, APY, and term to estimate your certificate of deposit payout, then compare it against a high-yield savings account (HYSA).

CD vs. HYSA: What Is the Difference?

A Certificate of Deposit (CD) locks in a fixed Annual Percentage Yield (APY) for a set term in exchange for a penalty if you withdraw early. A High-Yield Savings Account (HYSA) pays a variable APY that the bank can raise or lower at any time, but your money stays fully accessible with no withdrawal penalty.

This calculator projects the maturity value of a CD at its fixed rate against the same deposit sitting in an HYSA for the same term, assuming the HYSA rate you enter stays constant. It also estimates the penalty you would pay if you needed to break the CD early.

How to Use This CD Calculator

Enter your deposit amount The amount you plan to deposit into the CD, and, for comparison, into the HYSA.
Enter the CD's APY and term Use the rate and term (in months) advertised by the bank or credit union you're considering.
Enter a comparison HYSA APY Use a current top HYSA rate to see how the two options compare over the same period.
Enter an early withdrawal penalty, if relevant Enter 0 if you're confident you won't need the funds before maturity.

Tips for getting more out of it

Compare APY, not just the interest rate. APY already includes the effect of compounding, so it's the number that lets you compare offers on an apples-to-apples basis.
Consider building a CD ladder (several CDs with staggered maturity dates) so you have periodic access to funds without giving up the higher fixed rate on the rest.
Check whether a bank offers a no-penalty CD if you want a fixed rate with the flexibility to withdraw early without a fee. These usually pay slightly less than a standard CD.
HYSA rates can change at any time, so the rate you enter here is a snapshot. Recheck it periodically if you're comparing over a long holding period.

When to Use This Calculator

Choosing between a CD and a savings account

Compare the guaranteed CD payout against a variable HYSA rate before locking up your money.

Laddering CDs across terms

Run this calculator for each term length you're considering to compare maturity values side by side.

Estimating the cost of breaking a CD early

Check the penalty before withdrawing funds from an existing CD ahead of schedule.

CD & HYSA Glossary

APY (Annual Percentage Yield): The effective annual rate of return, including the effect of compounding, expressed as a single percentage.
Certificate of Deposit (CD): A time deposit that pays a fixed APY for a set term in exchange for restricted access to the funds.
High-Yield Savings Account (HYSA): A savings account, usually offered by an online bank, that pays a variable APY well above the national average while keeping funds fully liquid.
Early withdrawal penalty: A fee, usually expressed as a number of months' interest, charged when funds are withdrawn from a CD before its maturity date.
FDIC insurance: Federal deposit insurance that protects both CDs and savings accounts at member banks up to $250,000 per depositor, per bank, per ownership category.

CD Calculator FAQ

A CD is generally better if you can leave the funds untouched for the full term and its APY is higher than available HYSA rates. An HYSA is generally better if you may need access to the funds, or if HYSA rates are currently higher than CD rates, since rates fluctuate.

Most banks charge an early withdrawal penalty, commonly a set number of months of interest, which is deducted from your payout. Some banks cap the penalty so you never lose principal, but this varies by institution, so check your account agreement.

Yes, both are typically covered by FDIC insurance (or NCUA insurance at credit unions) up to $250,000 per depositor, per institution, per ownership category, as long as the bank or credit union is a member.

APY already reflects the effect of compounding over one year, so applying it directly to the deposit for the chosen term gives an equivalent result without needing to know the bank's specific compounding schedule.

Side Note -- Why CD Rates and Savings Rates Move Differently

CD rates and HYSA rates both track the broader interest-rate environment, but they don't always move in lockstep. Banks typically set CD rates based on where they expect interest rates to be over the CD's term, so a bank anticipating rate cuts may offer a longer-term CD at a rate lower than its own HYSA is currently paying, effectively betting that today's savings rate won't last.

This is why a 1-year CD occasionally pays less than an HYSA at the exact same bank: the CD locks in today's rate for the full year regardless of what happens next, while the HYSA rate can be cut the moment the broader rate environment shifts. Savers who expect rates to fall soon often view that lock-in as valuable protection; savers who expect rates to rise, or who value flexibility, tend to prefer the HYSA.

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