Compute interest dollars earned on a fixed balance at stated APY.
Overview
Interest-on-balance questions appear when deciding whether to park sale proceeds, tax refunds, or bonuses in savings for a known period. APY translates that decision into dollars if compounding rules are clear.
This calculator isolates interest from contributions so you can answer “how much does this pile earn?” without mixing in monthly savings habits.
Not affiliated with CIT Bank/Merrill. Confirm APY and accrual method on your account agreement.
Steps
Amount on deposit.
Yield including compounding.
Months or years.
Total interest and ending value.
Run second APY scenario.
Plan for taxable interest if applicable.
Math
Interest = FV_daily_compound(PV, APY, t) - PV
Future value minus principal under daily APY compounding.
Worked cases
Pro-rated daily compounding
Interest under $400 range.
12 months at 4.3% APY
Interest about $325.
Difference on 20,000 for 2 years
Shop small APY gaps on large balances.
Why use this
Questions