CDs are a great way to save money and earn a return on your investment. CDs, or certificates of deposit, are a low-risk investment option that typically offer higher interest rates than traditional savings accounts. But how do you know how much you can earn with a CD? That's where a CD rate calculator comes in. With a CD rate calculator, you can easily calculate the amount of interest you can earn with a CD based on your deposit amount, the CD's term and the APY (annual percentage yield).
In this article, we'll explain what a CD rate calculator is and how it can help you determine the amount of interest you can earn with a CD. We'll also provide tips on how to find the best CD rates and provide links to some of the top CD rate calculators available.
What is a CD Rate Calculator?
A CD rate calculator is an online tool that helps you calculate how much interest you can earn with a CD based on the APY, term and deposit amount. It's important to note that the amount of interest you can earn is dependent on the APY and the length of the term. The longer the term and the higher the APY, the more interest you can earn.
Using a CD rate calculator is simple. All you need to do is enter your deposit amount, the CD's term and the APY. The calculator will then calculate the total amount of interest you can expect to earn from the CD over the term.
How to Find the Best CD Rates
When it comes to finding the best CD rates, it's important to shop around and compare rates from different banks. To make sure you're getting the best rate, look for banks that offer higher APYs and longer terms. Some banks may also offer promotional rates that are higher than their standard rates.
It's also important to note that the best rates may not always be available for the longest terms. You may have to settle for a slightly lower rate in order to get the longest term.
Top CD Rate Calculators
There are several CD rate calculators available online. Here are some of the top ones:
• Edward Jones CD Rate Calculator: Use the below calculator to determine exactly how much you can earn with a CD from Edward Jones. Simply enter your deposit amount, the CD's term and the APY to calculate the total amount of interest you can expect to earn.
• BMO Harris CD Rate Calculator: Use the below calculator to determine exactly how much you could earn with a BMO Harris CD. Simply plug in your opening deposit, the CD's term and the APY to calculate the total amount of interest you can expect to earn.
• State Farm CD Rate Calculator: Use the below calculator to determine exactly how much you could earn with a State Farm CD. Simply plug in your opening deposit, the CD's term and the APY to calculate the total amount of interest you can expect to earn.
• Ally Bank CD Rate Calculator: With a CD, the amount you earn depends on your deposit amount and term. Use the below calculator to see how much money you could earn with a CD from Ally Bank. Simply enter your deposit amount, the CD's term and the APY to calculate the total amount of interest you can expect to earn.
• Bankrate CD Calculator: Bankrate's CD calculator allows you to compare CD rates from different banks and see how much interest you can earn with a CD from each bank. Simply enter the CD's term and your deposit amount to see the total amount of interest you can expect to earn.
