Certificate of Deposit (CD) Calculator

Find out what rate and term you need to reach your savings goal by using our free CD calculator.

Certificate (CD) Calculator

How will the value of your account change over time? Use this calculator to estimate what it could be worth.

CD Terms to Know

  • Initial deposit: This is the amount of money you add to your CD account in order to open it.
  • CD term: A “term” is the length of time your CD will continue accruing money. For example, a “five-month CD” earns money for five months at the APY.
  • APY: Standing for “annual percentage yield”, this is the rate of interest you will earn annually. The rate should be advertised clearly before you open your CD account.
  • Balance over time: Every month, your account will earn money and grow. Your balance over time is the growing sum of money in your account. 

Terms to years

CD rates are often described in months. Here’s a quick conversion chart:

  • 12 months = 1 year
  • 18 months = 1.5 years
  • 30 months = 2.5 years
  • 48 months = 4 years
  • 60 months = 5 years
  • 84 months = 7 years
  • 120 months = 10 years

CDs vs. savings accounts vs. money market accounts

Unlike money market and savings accounts, CDs pay a fixed rate for a fixed amount of time. Typically, the rate is higher for CDs than savings accounts and any withdrawals you make before the term ends are penalized.

However, there are accounts like the Elevations 4-Month CD which do not penalize early withdrawals.

View Elevations CDs

How do I maximize my CD earnings?

There are a few ways to maximize your CD earnings:

  • Look for a competitive rate.
  • "Ladder" your CDs splitting your money into multiple CDs with staggered maturity dates based on when you need access to funds while maximizing your best returns.
  • Ask about fees.

Tip: With Summit Dividend Checking, you get a 0.25% APY* boost on your new, select Elevations CD rates.

Learn about Summit Dividend

More Free Resources

Commonly Asked Questions

  • To open a CD in digital banking:

    • Log into online banking.
    • Click “Accounts”.
    • Click “Apply: Account, Loan, or Card”.
    • In QuickApply, click “Certificates”.
    • Choose between “Promotional Certificates” and “Standard Certificates”.
    • Select the account you’d like to open.
    • Follow the page prompts to open your CD.

  • This varies for each financial institution, but you may receive a small fee.

  • Consider:

    1. For how long it’s possible to have your money locked away
    2. Your long-term CD strategy; for example, if you’ll use laddering, your term lengths should complement one another.

  • With a CD, your rate does not change. However, with a money market account, it can change any time.

How can we help you?

Contact us Find a location Frequently asked questions

Give us a call at (800) 429-7626 | Routing #307074580

Membership eligibility and one-time $5 membership fee required at account opening

*Annual percentage rate

^Annual percentage yield

**All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Rate shown as low as for qualified borrowers. Rate may change dependent on credit qualifications and underwriting factors. Please speak with an Elevations representative for more information. Offers of credit are subject to membership requirements and credit approval.