Compounding Interest app
Plug in your starting balance, rate & term(if applies) and see what your ending balance should yield.
Also if you are making monthly or daily contributions to an HYSA, plugin in contribution amount and frequency(daily or monthly) to see what that would yield as well.
Calculator can be used for CDs & HYSAs, however once a CD(traditional or brokered) is opened you cannot contribute more to it until it matures.
For HYSAs its daily compounding interest & its a daily interest rate, formula is recalculated each new balance (for each new deposit & interest payment applied)
Step 1: Initial Investment or Starting Balance
Amount of money that you have available to invest initially
Step 2: Estimated Interest Rate
Your estimated annual interest rate
Step 3: Length of Time in Years
Length of time, in years, that you plan to save
Step 4: Number of Periods
Number of Periods(Annually Semiannually Quarterly Monthly Daily
Times per year that interest will be compounded(365 if daily, 12 if monthly .. )
Step 4: Compound Frequency
Number of Periods(Annually Semiannually Quarterly Monthly Daily
Times per year that interest will be compounded(365 if daily)
(multiply)
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multiply
raise
divide
Total Interest Earned
Total Balance
(with interest earned)