Enter the deposit, the interest rate and the term in months. Choose how often interest is added to see the final balance, the effective yearly yield and what you keep after tax on the interest.
The more often interest is added, the more you earn, because interest itself starts earning interest. The APY (annual percentage yield) shows the rate after that effect, so it is the fair way to compare deposits.
Fixed-term deposits usually charge a penalty — often a few months of interest — if you withdraw early. Only lock away money you will not need before the term ends.
Common questions
What is the difference between APR and APY on a deposit?
The rate (APR) is the simple yearly rate; APY includes compounding. A 4.5% rate added monthly gives an APY of about 4.59%.
Is the interest taxed?
In most countries yes, as income. Enter your tax rate on interest to see what you keep; leave it at 0 for tax-free accounts.