CD & Term Deposit Calculator (APY)
Interest, maturity value and the APY of a fixed-term deposit.
Schedule
The same deposit at every compounding
How this was calculated
Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the CD & Term Deposit Calculator (APY)
A certificate of deposit (CD), term deposit, GIC, fixed-rate bond or fixed deposit locks money away for a fixed term at a fixed rate. Enter the deposit, the rate and the term in days, months or years, and how the interest is handled — added to the deposit and compounded daily, monthly, quarterly, half-yearly or yearly, paid only at maturity, or paid out to you every month, quarter, half-year or year — to see the maturity value, the interest and a period-by-period schedule.
The calculator also works out the annual percentage yield (APY) with the formula of the US Truth in Savings rules (Regulation DD), which turns the interest on any term into a yearly rate, so a 6-month deposit can be compared with a 2-year one. If a bank quotes the APY rather than the rate, enter that instead. It works in any currency, and nothing you type leaves your browser.
How to use it
- Choose the currency and enter the deposit amount and the interest rate a year — or choose APY if that is the figure you were given.
- Enter the term and pick days, months or years. Add the opening date to count the exact days and see the maturity date.
- Choose Reinvested if interest is added to the deposit (and how often it compounds), or Paid out (and how often you receive it).
- Optionally enter the tax taken from interest where you live, to see the interest after tax.
- Read the maturity value, interest and APY, and the schedule; copy the summary or download the schedule as CSV.
Examples
Interest 61.68 · maturity value 1,061.68 · APY 6.17%, the interest and APY of Regulation DD’s first worked example
Interest 30.37 · APY 6.18%, as in Regulation DD’s six-month CD example of 182 days
4 payouts of 30.00 · APY 6.00%, the same as the rate, as Regulation DD allows for such deposits
Interest 100.00 · APY 4.88% (100 × [1.1^(365/730) − 1])
Common uses
- Comparing CDs or term deposits with different terms and compounding using one yearly figure, the APY.
- Checking the maturity value and interest a bank quotes before you lock money away.
- Seeing how much a monthly-interest deposit pays you each month, and the interest after tax.
- Turning an advertised APY back into the interest rate behind it.
How the APY is worked out
Regulation DD (12 CFR 1030, appendix A) defines the annual percentage yield from the interest a deposit earns over its term:
APY = 100 × [(1 + Interest ÷ Principal)^(365 ÷ Days in term) − 1]
Days in term is the actual number of days, and the interest is assumed to stay on deposit unless the account pays it out. A time account longer than one year that does not compound and pays interest out at least once a year may show its interest rate as the APY. Read the rules on the Consumer Financial Protection Bureau’s site or in the Electronic Code of Federal Regulations. The APY is a US disclosure; elsewhere it is still a fair way to compare deposits, because it turns any term into a yearly rate.
How the interest is calculated
- Daily compounding adds r ÷ 365 a day for the actual days in the term.
- Monthly, quarterly, half-yearly or yearly compounding adds r ÷ m for each complete period; a part period at the end earns simple interest, as many banks do.
- At maturity and paid out: simple interest,
Principal × r × term in years; each full payout isPrincipal × r ÷ payouts a year. - A term in months or years counts calendar days from the opening date when you give one (31 January plus one month is 28 or 29 February); without it a month counts as 365 ÷ 12 days.
The interest is rounded to the currency’s minor units, and the APY uses that rounded interest, as the regulation’s examples do.
Rate or APY?
The interest rate is the yearly rate before compounding; the APY is what the deposit earns in a year once compounding is included. At 6% compounded monthly the APY is 6.17%. If an advert shows only the APY, choose APY next to the rate: the calculator finds the rate that gives that APY with your compounding and term. To convert between the two for any compounding, use the APR ↔ APY converter.
In India?
For bank fixed deposits and Post Office Time Deposits with India’s quarterly compounding, payout options and TDS, use the FD Calculator (India).
Limitations
- Banks round each interest credit and may count days differently (some use 360 days a year), so their figures can differ by a few cents.
- One fixed rate for the whole term: stepped-rate, bump-up and variable-rate deposits are not modelled.
- Early withdrawal penalties, fees and deposit insurance limits are not included.
- Tax on interest depends on where you live and your other income; enter your own rate only as an estimate.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What is the difference between the interest rate and the APY?
The rate is the yearly rate before compounding; the APY includes compounding over a year. Compounded monthly, 6% gives an APY of 6.17%. When interest is paid out instead of added to the deposit, there is no compounding.
Why is the APY of a short CD different from its rate?
The APY turns the interest of any term into a yearly figure with the exponent 365 ÷ days in the term. A 182-day CD at 6% compounded daily earns $30.37 on $1,000, which works out to an APY of 6.18%.
Is a CD the same as a term deposit, GIC or fixed deposit?
They are names for the same kind of product — a deposit at a fixed rate for a fixed term — used in different countries. The rules on early withdrawal, tax and deposit protection differ, so check your bank’s terms.
Should I choose interest paid out or added to the deposit?
Added to the deposit, interest earns interest, so the deposit grows faster. Paid out, you get regular income but no compounding. The schedule shows both clearly.
Does the opening date change the result?
For terms in months or years it sets the exact number of days, which changes the APY slightly and the interest with daily compounding. A 12-month deposit whose term includes a 29 February runs for 366 days, not 365.