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How much does a $10000 CD make in a year?

How much does $10,000 in a CD make in a year? This depends on the CD rate. A one-year CD with a rate of 1% APY earns $100, while a CD with a rate of 0.10% APY earns $10.

nerdwallet.com - CD Calculator: Free Calculator for Certificates of Deposit - NerdWallet

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NerdWallet's CD calculator shows what you can earn with a certificate of deposit, a type of savings account that you leave untouched for months or years. Like regular savings accounts, CDs are safe because they are federally insured. Use the CD calculator below to see total interest.

What should I know when choosing CDs?

Prioritize finding a high interest rate. Not every bank has competitive rates on its CDs. See our list of the best CD rates.

Not sure what certain concepts mean? Skip down to our glossary.

Avoid early withdrawal fees. Although short-term CDs mean less time to wait to access your money and less need to incur the penalty to get money early, long-term certificates typically have higher rates.

Compare top CD rates

Savings Cash Management CD Checking Money Market A savings account is a place where you can store money securely while earning interest. A savings account is a place where you can store money securely while earning interest. Learn More Member FDIC SoFi Checking and Savings APY 3.50% SoFi members with direct deposit can earn up to 3.50% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.50% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 12/16/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY $0 Learn More Member FDIC Marcus by Goldman Sachs Online Savings Account APY 3.30% 3.30% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 12/21/2022. Min. balance for APY $0 Learn More Member FDIC Discover Bank Online Savings APY 3.30% Advertised Online Savings Account APY is accurate as of 12/21/2022 Min. balance for APY $0 These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions. These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions. Learn More on Wealthfront's website Wealthfront Cash Account APY 3.80% Min. balance for APY $1 Learn More on Betterment's website Betterment Cash Reserve – Paid non-client promotion APY 3.75% Annual percentage yield (variable) is as of 12/09/2022. Min. balance for APY $0 Learn More Member FDIC Marcus by Goldman Sachs High-Yield CD APY 4.30% 4.30% APY (annual percentage yield) as of 12/21/2022 Term 1 year Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals. Learn More Member FDIC SoFi Checking and Savings APY 2.50% SoFi members with direct deposit can earn up to 3.25% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.25% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 11/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Read review Upgrade Rewards Checking APY N/A Monthly fee $0 Learn More Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Learn More Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Learn More Member FDIC Axos Bank® Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY. Monthly fee $0 Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features. Read review UFB Best Money Market APY 4.11% Min. balance for APY $0 Learn More Member FDIC Discover Bank Money Market Account APY 3.20% Min. balance for APY $1 EXPLORE MORE ACCOUNTS

» Learn more: Highest CD rates available this month

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CD definitions

Initial deposit amount: The sum you’re putting into a single CD. You can usually only add money to a CD once. CD interest: Money your bank pays you on the balance of a CD, usually expressed as an annual percentage yield. Learn more about how interest works. CD term length: The total time frame that a CD is open for. Some of the most common terms are three months, six months, one year, 18 months, three years and five years. Learn about choosing between short-term and long-term CDs. APY: Annual percentage yield is a percentage that reflects the amount of money, or interest, you earn on a bank account in one year. It includes compound interest, which is the interest earned on both an account balance and previous interest. Learn about how APY works. Compounding frequency: The number of times your bank pays interest, such as daily, monthly or annually. Learn more about compound interest.

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What happens if I withdraw a CD early?

Generally a CD has an early withdrawal penalty, which tends to range from a few months' to a year's worth of earned interest, depending on the bank and the CD term length. Longer term lengths usually have bigger penalties. These penalties occur only if you take out money before a CD term expires. Try our calculator to see what an early withdrawal penalty costs. If you want the flexibility of withdrawing early without a penalty, consider a no-penalty CD.

» Learn more: See our list of the best no-penalty CDs

What term length should you get?

The longer the term, the higher the rate tends to be. Terms typically range from three months to five years. Most have early withdrawal penalties, so be sure you won’t need the money before the term expires. » Not sure how to open a CD? Here's a step-by-step guide to opening a CD account

How much interest will you earn on a CD?

This varies based on your deposit, CD rate and term length. For example, a $10,000 deposit in a five-year CD with 1.50% APY would earn around $770 in interest, while the same deposit in a five-year CD with 0.01% APY would earn only $5 in interest. » Want to see other calculators? Check out our list of NerdWallet’s financial calculators

How to calculate CD interest

If you’d prefer to try your hand at calculating interest without a calculator, use the compound interest formula:

A = P(1 + r/n)^nt, where:

A = ending amount (this means original balance plus all interest earned after n years). P = original balance (or your initial deposit, since there are typically no other contributions to CDs).

r = interest rate (as a decimal)*.

n = number of times interest is compounded per year (typically 365 for daily, 12 for monthly, 4 for quarterly).

t = time (in years).

Once you get a result for A, subtract P from A (A - P) to get the interest amount.

» Learn more: See our explainer on compound interest

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*Note: Interest rate and APY are slightly different. To be more exact, use the interest rate in the formula.

How do CD rates work?

CD rates are usually quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks and credit unions generally compound interest monthly or daily. An interest rate is similar to APY, but it doesn't factor in compound interest. For more details, see our explainer on APY.

When will CD rates go up?

CD rates have begun to rise and likely will continue to do so, since the Federal Reserve raised its rate in March 2022. Federal Reserve actions are one factor in banks’ decisions to change rates. See historical CD rates.

» Learn more: How Fed rate increases affect CDs

See CD rates by term and type

Check out the best CD interest rates on certificates of deposit:

See CD rates by bank

nerdwallet.com - CD Calculator: Free Calculator for Certificates of Deposit - NerdWallet

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