See total interest on a fixed savings balance over a chosen term at your APY.
Overview
Sometimes you only need one number: how much interest a lump sum earns at a stated APY without ongoing deposits. That is useful for comparing a idle cash pile against paying down debt or moving funds to a brokerage.
Interest depends on APY, time, and compounding frequency. Savings APY typically assumes daily compounding, which this calculator applies to the balance and term you provide.
Not affiliated with CIT Bank/Merrill. Rates, tiers, and taxes can change results; use official statements for exact figures.
Steps
Lump-sum balance earning interest.
Annual percentage yield for the account.
Months or years funds remain deposited.
View total interest and ending balance.
Divide interest by years for yearly estimate.
Contrast with CD or investment scenarios.
Math
Interest = FV - PV where FV = PV × (1 + APY/365)^(365×years)
Future value minus principal yields interest earned under daily compounding at stated APY.
Worked cases
FV - 50,000 with daily compounding
Interest about $2,380.
Half-year daily compounding
Proportional interest under same APY.
Two APY runs for 3 years
Higher APY gap widens over time.
Why use this
Questions