How do you figure out which CD is best to get?

@porwest is better at math then I am, but when doing research for savings accounts, my husband considered other factors. Can we stand to have money tied up that we can't touch? What would the cost be if you had to cash out early. Do you need to start with how much to avoid hidden fees? Interest rates are good and all, but there's a lot to think about here. Now, I would use a fictious ammount, and do the math on each option to see what my yield would be. I would want to know if the interest is compounded, fixed or vaired, too. (meaning it can change on you).

I remember from Accounting class that Principal times Rate times Time equals Interest. For example: An example of a simple interest calculation would be a 3 year saving account at a 10% rate with an original balance of $1000. By inputting these variables into the formula, $1000 times 10% times 3 years would be $300. Hope this helps. Have a good weekend.

I never had such an account so I don't know, But I looked it up and perhaps this can help you https://onlinefinance.net/certificate-of-deposit?utm

A 4.3% 11-month CD will yield $39.42 at maturity on a $1000 deposit. A 4.65% 12-month CD will yield $46.50 at maturity on a $1000 deposit. The higher yield is usually always the winner. But it depends. If you think, for example, that rates may go up, you may choose a shorter term with a lower rate and then be able to take advantage of a longer-term higher rate sooner. Normally I choose the higher rate offers, and rarely lock a CD for more than one year. The math on the interest calculation is pretty simple. For example, for the more complicated one, the 11-month one. $1000 times 0.043 = $43.00 divided by 12 = $3.58 times 11 = $39.42. CDs typically do not compound monthly, so you don't have to compute that. They simply pay the entire yield at maturity. Right now is a VERY GOOD TIME to lock in higher rates if you can, because CD rates will be dramatically lower very soon.