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Should You Close an Old Certificate of Deposit?

With rising interest rates, you may find that an old CD is no longer earning a competitive interest rate. You may be asking yourself if it's better to close the CD, take the penalty, and open a new CD with a higher interest rate. Or would you make more money by just waiting until the CD matures. Since I have not found any calculator that could help with this decision, I've created one here.

Just fill in your old and new CD information, and it'll calculate which is the best option. For simplicity it makes some assumptions. It only compares the money up to the time that the old CD would mature. Also, it doesn't take into account the differences in compounding between CDs or the time it takes to move the money. The calculator is intended to provide approximate answers to help you in the decision making process.