High-Yield Savings & CD Calculator
Calculate the interest earned in a high-yield savings account or certificate of deposit (CD) from the APY and term, with optional monthly deposits.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter the deposit, the APY your bank quotes and the term in months.
- 2Add a monthly deposit for savings accounts (CDs usually don't allow them).
How it's calculated
Balance = deposit × (1 + APY)^(months ÷ 12). APY already includes compounding, so no compounding frequency is needed. Monthly deposits grow at the equivalent monthly rate.
Frequently asked questions
What's the difference between APY and APR?
APY includes the effect of compounding; APR doesn't. Banks advertise savings rates as APY, so use that figure here.
Is interest on savings taxed?
In the US, interest is taxed as ordinary income and reported on Form 1099-INT. Other countries have their own rules or tax-free allowances.
What happens if I withdraw from a CD early?
Most banks charge an early withdrawal penalty, often several months of interest. Check your CD's terms.