CD Comparison Calculator

Compare CDs (certificate deposits) with different rates and lengths in one place.

What are CDs?

CD is short for certificate deposits. They are a type of financial product that pays depositors to lock-up their funds for a certain time period.

How do CDs benefit banks?

Unlike savings and checking accounts where you can access your funds any time, CDs ask depositors to commit to not touching the funds so that the bank or credit union can loan out the money for mortgages, car loans, and other financial products.

How do CDs benefit depositors?

CDs are considered a fairly safe way to make sure your funds are earning a small return while sitting in the bank.

Where can you find CDs?

CDs are at most banks and credit unions. Some credit card companies and brokerages also offer CDs.

When to use a CD comparison calculator?

CD comparisons can be super helpful when comparing CDs with small percentage differences. For example, one CD may be 4.25% APY for 12 months and another CD maybe 4.50% for 6 months. The depositor may want to know which CD earns more.

How to choose the best CD?

There are many factors that can help determine the best CD. They include:

• earnings - which CD earns more

• term - how long will the deposit will be locked-up

• penalties - how much do you lose if you break the CD (take the funds out before the term you committed to)

• institution - is it super convenient to access your funds and are they secure

• special features & perks - some institutions offer higher rates for loyal CD holders and new money. Some also have amazing stats and reporting so that you have a better understanding of how your money is growing.

When to chose a short vs a long CD?

Short CDs (6 months and under) can be great if you want a quick boost to your savings, and will need to access your funds soon. Longer CDs (over 6 months) are great when you may not need your funds for a while, or you notice rates are dropping and you want to take advantage of higher rates.