I was thinking that such a calculator could be useful, so I've put together a javascript program to implement this at:

cdbanktool.blospot.com

Let me know if you have any problems or suggestions. It's intended to help you decide if you should break an old CD or just keep your current CD until maturity. It takes into account the penalty that you would be charged when you break the CD.

With CD rates continuing to rise, more people may be facing this type of decision.

-Ken

Did anyone expect 4.60% from VB? At best I had thought 4.00%. They had lagged for so many months, I had thought they had given up being even close to the leading MMA rate.

Perhaps everyone is learning from what EmigrantDirect did last September in that you get more publicity when you make one big jump rather than several small rate jumps.

VB also raised their CD rates. The 1-year CD is now 5.10% APY.

-Ken

I was shocked to see VirtualBank's money market rate at 4.60% APY today. I'm glad I got in last year. Looks like they're going to give HSBC, ING and ED a run for their money.

If you're interested in a referral, email me at [email protected]

You get $20 and I get $20.

Virtual Bank's refer-a-friend official details