The product CD 6-month Account from ableBanking, a division of Northeast Bank with 4.70% APY and $500 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 $31,659. The interest earned would be $11,659 and the tax amount on the interest earned would be approximately $3,498.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 32 |
| 2 | 20,045 | 45 | 32 |
| 3 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,181 | 45 | 32 |
| 6 | 20,226 | 46 | 32 |
| 7 | 20,272 | 46 | 32 |
| 8 | 20,317 | 46 | 32 |
| 9 | 20,363 | 46 | 32 |
| 10 | 20,409 | 46 | 32 |
| TOTAL: | $455 | $318 |
| Rate: 4.70% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 940 | 658 |
| 2 | 20,940 | 984 | 689 |
| 3 | 21,924 | 1,030 | 721 |
| 4 | 22,955 | 1,079 | 755 |
| 5 | 24,033 | 1,130 | 791 |
| 6 | 25,163 | 1,183 | 828 |
| 7 | 26,346 | 1,238 | 867 |
| 8 | 27,584 | 1,296 | 908 |
| 9 | 28,880 | 1,357 | 950 |
| 10 | 30,238 | 1,421 | 995 |
| TOTAL: | $11,659 | $8,161 |
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.
| Date | APY |
|---|---|
| October 2, 2024 | 4.70% |
| August 16, 2024 | 5.20% |
| October 13, 2023 | 5.30% |
| September 1, 2023 | 5.00% |
| August 20, 2023 | 2.50% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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Customer Reviews for ableBanking, a division of Northeast Bank
Dudley
April 18, 2018 |
Worst experience of my life. Did not fund and gave $25 to my own charity.
Is this review helpful? Yes:12 / No: 1
Rob Quentin
March 28, 2018 |
Add my name to the list of people who wish they had never heard of you.
Is this review helpful? Yes:7 / No: 5
JWendell
March 19, 2018 |
I really wish I hadn't seen this rate listed here. Chasing a slightly higher rate and a $25 gift on my behalf to a charity from a bank that isn't a bank wasted my time and cost me more than I would have made had I just left my money where it was.
Is this review helpful? Yes:11 / No: 3
Dave
March 13, 2018 |
Not an online bank, but a bunch of shysters playing upon people's generosity by offering to give a token amount to charity. Give your own $25, take a tax deduction and go to Ally, Emigrant, Capital One or anywhere.
Is this review helpful? Yes:11 / No: 3
Gave $25
February 26, 2018 |
I tried to deal with this and ended up wishing I had never heard of it. Got caught in the scam of giving $25 to a charity. After 2 months of dealing with a broken transfer system, a broken website and a phone which either rang on and on or hit some woman's VM, I managed to close the account and get my money back. Never got a penny in interest. Never got confirmation of the $25 transfer to charity. Celebrated my freedom by sending $25 to my favorite charity (not on their list). Farewell to this. Would give negative stars if I could.
Is this review helpful? Yes:10 / No: 2
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