Compound Interest Calculator
CD 1-year Account from Bank 7 with 0.85% APY and $1,000 minimum deposit

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The product CD 1-year Account from Bank 7 with 0.85% APY and $1,000 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 $21,773. The interest earned would be $1,773 and the tax amount on the interest earned would be approximately $532.

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

The Results for Bank 7

Savings Boost of
$446 over 10 years

Cash Savings $20,000

Average Interest Earned $795

Bank 7 Interest Earned $1,241

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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: 0.55%	Annual Interest	Annual Interest (After Tax)
1	20,000	111	78
2	20,111	111	78
3	20,222	112	78
4	20,334	113	79
5	20,447	113	79
6	20,560	114	80
7	20,674	115	80
8	20,789	115	81
9	20,904	116	81
10	21,020	116	82
	TOTAL:	$1,136	$795

Bank 7 Scenario

	Rate: 0.85%	Annual Interest	Annual Interest (After Tax)
1	20,000	171	119
2	20,171	172	120
3	20,343	174	121
4	20,516	175	123
5	20,691	176	124
6	20,868	178	125
7	21,046	180	126
8	21,225	181	127
9	21,406	183	128
10	21,589	184	129
	TOTAL:	$1,773	$1,241

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.

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Customer Reviews for Bank 7

Randall Stewart

March 24, 2022

CDs 12 Month Rates

I visited this bank yesterday, 3/23 and this rate 0.85% was NOT offered.

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Compound Interest Calculator CD 1-year Account from Bank 7 with 0.85% APY and $1,000 minimum deposit