Compound Interest Calculator
CD 4-year Account from Bank 7 with 1.11% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 4-year Account from Bank 7 with 1.11% 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 $22,325. The interest earned would be $2,325 and the tax amount on the interest earned would be approximately $698.

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
$447 over 10 years
Cash Savings $20,000
Average Interest Earned $1,181

 
Bank 7 Interest Earned $1,628

 

 

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:
0.81%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 163 114
2 20,163 164 115
3 20,327 165 116
4 20,492 167 117
5 20,658 168 118
6 20,826 169 119
7 20,996 171 119
8 21,166 172 120
9 21,338 173 121
10 21,512 175 122
TOTAL: $1,687 $1,181

Bank 7 Scenario

Rate:
1.11%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 221 155
2 20,221 224 157
3 20,445 226 158
4 20,671 229 160
5 20,900 231 162
6 21,131 234 164
7 21,364 236 165
8 21,601 239 167
9 21,840 242 169
10 22,081 244 171
TOTAL: $2,325 $1,628

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


  • 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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