Saving a little every month.
A CD locks one lump sum away. This does the other thing: a starting balance plus a deposit every month, compounding as it goes. Deposits land at the end of each month, which is how most banks credit them.
Example figures. Enter yours above.
Balance at the end
$0.00
Total contributed
$0.00
Interest earned
$0.00
Balance over the years
Balance at period end
How this differs from a CD
A CD pays a rate the bank guarantees for the whole term, but the money is locked and the deposit is made once. A savings account lets you add to it every month and take money out, at a rate the bank can change whenever it likes.
Use the CD calculator when you have one lump sum and a fixed term. Use this page when you are building the balance up over time.
Period by period
Period
Interest
Balance