Compound Interest Calculator
CD 2-year Account from Bank 7 with 1.01% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from Bank 7 with 1.01% APY and $10,000 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 $22,103. The interest earned would be $2,103 and the tax amount on the interest earned would be approximately $631.

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
$525 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
Bank 7 Interest Earned $1,472

 

 

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

Bank 7 Scenario

Rate:
1.01%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 201 141
2 20,201 203 142
3 20,404 205 144
4 20,609 207 145
5 20,816 209 146
6 21,025 211 148
7 21,237 213 149
8 21,450 216 151
9 21,666 218 152
10 21,883 220 154
TOTAL: $2,103 $1,472

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

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6 Month Jumbo CD.

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

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.



Customer Reviews for Bank 7


  • 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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