How much does a $1,000 CD earn at 5.5% for 1 year?

$1,056.41

A $1,000 certificate of deposit at 5.5% for 1 year matures at $1,056.41 — $56.41 of interest.

How it is worked out

A CD compounds at a fixed rate for a fixed term. Monthly compounding is the usual case, and the APY is what that compounding is worth over a year — always slightly above the stated rate.

$1,000 × (1 + 5.5% ÷ 12)^(12 × 1) = $1,056.41

APY 5.64%. Interest earned: $56.41.

Open the full CD calculator to use your own figures.

Similar questions

Questions

How much does a $1,000 CD earn at 5.5% for 1 year?
A $1,000 certificate of deposit at 5.5% for 1 year matures at $1,056.41 — $56.41 of interest. $1,000 × (1 + 5.5% ÷ 12)^(12 × 1) = $1,056.41.
How is this worked out?
A CD compounds at a fixed rate for a fixed term. Monthly compounding is the usual case, and the APY is what that compounding is worth over a year — always slightly above the stated rate.
Can I use my own figures?
Yes — the CD calculator takes any values and shows the full result.