Savings Strategy Calculator

This calculator is provided for educational and illustrative purposes only and does not constitute a deposit commitment, contract, official rate quote, solicitation, advertisement, or offer to open a deposit account or purchase any financial product. Results are not guaranteed, and no commitment to lend, invest, or accept deposits is expressed or implied. Please contact us for official rates, terms, and Truth in Savings disclosures applicable to your accounts.

Annual Percentage Yield (APY) — the effective annual return reflected in the account disclosures provided by your institution. APY is applied directly to project growth over your selected time horizon. Actual interest earned may differ based on APY changes, account terms, and timing of deposits.

A certificate of deposit (CD) is a savings account that locks in your money for a fixed rate and term. CDs are intended to be held to maturity. If your target date falls before a CD's maturity date, early withdrawal penalties may apply and could result in reduced earnings or loss of principal. Contact us for specific penalty terms. Rollover and renewal projections assume the APY entered is maintained for the full projection period. Actual renewal rates are determined at maturity and may be higher or lower. Projected rollover balances are not a guarantee of future returns.

Savings and money market account (MMK) rates are variable and subject to change without notice. Projections use the APY entered as a fixed assumption and may not reflect actual performance. Contact us for current APY.

Interest earned on deposit accounts and CDs is generally subject to federal and applicable state income tax in the year credited, regardless of whether funds are withdrawn. Financial institutions are required to report interest income of $10 or more to the IRS and will issue a Form 1099-INT for the applicable tax year. Consult a qualified tax advisor for guidance.

Deposit accounts held at FDIC-insured institutions are insured up to the current standard maximum deposit insurance amount (SMDIA) per depositor, per ownership category, per insured institution. Balances exceeding applicable limits are not insured. Visit FDIC.gov for current coverage limits.