CD vs Savings Account Interest Calculator
Not sure whether to lock your money into a CD or keep it flexible in a savings account? Enter your deposit amount, the two interest rates, and how long you plan to save to compare total interest earned.
About this calculator
Compare the interest you'd earn on a certificate of deposit versus a high-yield savings account over the same time period.
Frequently Asked Questions
Does this account for compounding frequency?
This calculator assumes monthly compounding for both accounts, which is common for savings accounts and many CDs. Actual compounding schedules vary by institution.
Are early withdrawal penalties included?
No. CDs typically charge a penalty for withdrawing before maturity, which isn't factored in here. This tool assumes you hold the CD for the full term.
Which is better, a CD or a savings account?
CDs generally offer higher fixed rates in exchange for locking up your funds, while savings accounts offer flexibility with variable rates. Use this calculator to compare the actual dollar difference for your situation.