Illinois CD Calculator 2025
Our Illinois CD calculator supports daily, monthly, quarterly, semi-annual, and annual compounding. Add optional monthly or yearly contributions to see how your investment grows over time. Free and accurate for all Illinoisans.
CD Investment Details
Final Balance
$10,000.00
Earnings Breakdown
| Initial Deposit | $10,000.00 |
| Total Contributions | $0.00 |
| Interest Earned | $0.00 |
| Final Balance | $10,000.00 |
Investment Summary
Term Length
12 months
APY
5.00%
Total Return
0%
How to Use This Calculator
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1
Enter your Initial Deposit amount.
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2
Input the Interest Rate (APY).
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3
Select the Term Length in months or years.
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4
Choose the Compounding Frequency.
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5
View your Total Balance and Total Interest Earned.
Formula and Methodology
The Future Value formula `A = P(1 + r/n)^(nt)` is used, where P is the principal, r is the annual rate, n is the compounding frequency, and t is time.
Frequently Asked Questions
What is the difference between APY and APR?
APY (Annual Percentage Yield) includes the effect of compound interest, while APR (Annual Percentage Rate) is the simple interest rate. APY is the more accurate measure of what you will earn on a CD.
Can I lose money in a CD?
Generally, no. CDs offered by FDIC-insured banks are safe up to $250,000. However, if you withdraw money before the term ends, you may face an early withdrawal penalty.
How does compounding frequency affect my return?
The more frequently interest is compounded (e.g., daily vs. annually), the more money you earn. Our calculator allows you to compare different compounding periods.