Compound Interest Calculator
CD 3-year Account from Bank Independent with 3.01% APY and $1,000 minimum deposit

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The product CD 3-year Account from Bank Independent with 3.01% 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 $26,904. The interest earned would be $6,904 and the tax amount on the interest earned would be approximately $2,071.

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

The Results for Bank Independent

Savings Boost of
$3,747 over 10 years

Cash Savings $20,000

Average Interest Earned $1,086

Bank Independent Interest Earned $4,833

Compare

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: 0.75%	Annual Interest	Annual Interest (After Tax)
1	20,000	150	105
2	20,150	151	106
3	20,301	152	107
4	20,453	153	107
5	20,607	155	108
6	20,761	156	109
7	20,917	157	110
8	21,074	158	111
9	21,232	159	111
10	21,391	160	112
	TOTAL:	$1,552	$1,086

Bank Independent Scenario

	Rate: 3.01%	Annual Interest	Annual Interest (After Tax)
1	20,000	602	421
2	20,602	620	434
3	21,222	639	447
4	21,861	658	461
5	22,519	678	474
6	23,197	698	489
7	23,895	719	503
8	24,614	741	519
9	25,355	763	534
10	26,118	786	550
	TOTAL:	$6,904	$4,833

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.

Recent Rate Changes

Date	APY
September 30, 2024	3.01%
August 19, 2024	4.01%
February 24, 2024	2.71%

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Compound Interest Calculator CD 3-year Account from Bank Independent with 3.01% APY and $1,000 minimum deposit