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I-Bond vs CD vs Savings Calculator

Compare after-tax returns across high-yield savings accounts, certificates of deposit, and I Bonds to see which short-term investment strategy keeps more money in your pocket.

Quick answer: I Bonds, CDs, and HYSAs solve different cash needs: inflation protection, locked-rate yield, and flexible access. Compare after-tax yield, liquidity, limits, and time horizon.

SWReviewed by SwitchWize Research Desk · Last reviewed July 21, 2026
I-Bond After-Tax Value
$11,291
I-Bond After-Tax Value
$11,291
HYSA Total (before tax)
$12,325
HYSA Interest Earned
$2,325
HYSA After-Tax Value
$11,659
Side-by-side comparison
CD Total (before tax)
$12,763
CD After-Tax Value
$11,963
I-Bond Total (before tax)
$11,655
Approximate I Bond Early-Redemption Penalty
$0
CD advantage over HYSA
$304
Diagnostic

The differential is $304 between these options.

Small rate or term differences compound. Don't leave the gap on the table.

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What to do next

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Your action plan
  1. 1

    Compare the leading option against your current setup

    Compare simplified after-tax I Bond, CD, and savings scenarios with an approximate early-redemption penalty.

  2. 2

    Compare the result against current market-rate options

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

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This is an educational estimate, not tax, legal, investment, or lending advice. Confirm with a qualified professional or the provider before acting.

Calculator action path

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Frequently Asked Questions

Everything you need to know.

What does an example I-Bond vs CD vs Savings Calculator calculation look like?
Using this calculator's own default assumptions, a amount to invest of $10,000, holding period (years) of 5 and federal tax rate (%) of 22% produces an estimated i-bond after-tax value of $11,291 and hysa total (before tax) of $12,402. Enter your own numbers above to see how it changes for your situation.
Why does the I-Bond penalty matter so much?
I Bonds impose a penalty if redeemed before five years (typically three months of interest), which can eliminate your earnings entirely in shorter holding periods. The calculator estimates this penalty so you can see whether the higher composite rate overcomes that risk, or whether a penalty-free CD or savings account is actually safer for your timeline.
How do taxes affect which option wins?
High-yield savings and CD interest are taxed as ordinary income in the year earned, while I Bond interest is tax-deferred until redemption and exempt from state tax. A higher federal or state tax rate amplifies the after-tax advantage of I Bonds, but only if you can keep your money locked in for at least five years to avoid the penalty.
Is the I-Bond vs CD vs Savings Calculator free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the I-Bond vs CD vs Savings Calculator affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to compare savings options, or run Money Map to compare this banking & savings decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (savings) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

These three vehicles treat interest and penalties differently under federal and state tax law, and I Bonds carry an early-redemption cost that can wipe out gains if you need your money back sooner than expected. By modeling all three side-by-side with your actual tax situation, you can see how much each option truly nets after taxes and penalties, not just the advertised rate.

How to Use It

  1. 1Enter the dollar amount you plan to invest across all three options.
  2. 2Specify how many years you expect to hold the investment before withdrawing.
  3. 3Input your federal marginal tax rate as a percentage.
  4. 4Input your state marginal tax rate as a percentage.
  5. 5Enter the current annual percentage yield for high-yield savings accounts you're considering.
  6. 6Enter the current annual percentage yield for the CD term you're evaluating.
  7. 7Enter the I Bond composite rate (fixed rate plus inflation rate) in effect during your purchase.
  8. 8Review your after-tax balances for each account, the early-redemption penalty estimate for I Bonds if applicable, and the net advantage one account holds over another.
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