A certificate of deposit is a savings document that allows the owner, known as the "bearer," to receive interest, according to Investopedia. CDs, which banks can issue for any amount, have fixed interest rates, as well as maturity dates, which are usually one month to five years in the future, according to Investopedia. You can use a simple online CD calculation tool to figure out how much interest your investment will be worth upon maturity.
Instructions
1. Go to an online CD calculator website, such as Bank Rate, Bankaholic or CSG Network. Gather the following information: your CD's fixed interest rate, the months it will take for your CD to mature and your original deposit amount.
2. Type your CD amount, months until maturity and fixed interest rate into the appropriate fields on the calculator. Adjust the "compounded" bar to daily, weekly, monthly or annually, depending on how often your CD's interest is compounded.
3. Click "Submit." The calculator will show the dollar amount your CD will be worth upon maturity. Additionally, the calculator will show your CD's annual yearly percentage, which is how much interest it will earn per year.
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