Compound Interest Calculator
CD 2-year Account from 1st Summit Bank with 0.56% APY and $100,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from 1st Summit Bank with 0.56% APY and $100,000 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $21,149. The interest earned would be $1,149 and the tax amount on the interest earned would be approximately $345.

Please note that this product is available in Pennsylvania and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for 1st Summit Bank

Savings Boost of
$-143 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
1st Summit Bank Interest Earned $804

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.66%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 131 92
2 20,131 132 93
3 20,264 133 93
4 20,397 134 94
5 20,531 135 94
6 20,666 136 95
7 20,801 137 96
8 20,938 138 96
9 21,076 138 97
10 21,214 139 98
TOTAL: $1,354 $947

1st Summit Bank Scenario

Rate:
0.56%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 112 78
2 20,112 113 79
3 20,225 113 79
4 20,338 114 80
5 20,452 115 80
6 20,566 115 81
7 20,681 116 81
8 20,797 116 82
9 20,914 117 82
10 21,031 118 82
TOTAL: $1,149 $804

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.



Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.09% on December 7.
6 Month Jumbo CD.

Last change: ↑0.25% on November 25.

Last change: ↑0.70% on December 7.

Last change: ↓0.05% on December 4.



Customer Reviews for 1st Summit Bank


  • January 18, 2020 |

    I and my colleagues have all had trouble with our travelers debit prepaid cards. Right now I'm in the middle of trying to get ahold of a customer representative because the card shows that there's money on it and yet it doesn't seem to work when I attempt to use it.


Add Your Review


or use your BestCashCow account

or