The product Money Market Account from Bank of Hawaii with 0.02% APY and $2,500 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 $20,040. The interest earned would be $40 and the tax amount on the interest earned would be approximately $12.
Please note that this product is available in Hawaii and 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 | 20,091 | 45 | 32 |
| 4 | 20,136 | 46 | 32 |
| 5 | 20,181 | 46 | 32 |
| 6 | 20,227 | 46 | 32 |
| 7 | 20,273 | 46 | 32 |
| 8 | 20,319 | 46 | 32 |
| 9 | 20,364 | 46 | 32 |
| 10 | 20,410 | 46 | 32 |
| TOTAL: | $457 | $320 |
| Rate: 0.02% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 4 | 3 |
| 2 | 20,004 | 4 | 3 |
| 3 | 20,008 | 4 | 3 |
| 4 | 20,012 | 4 | 3 |
| 5 | 20,016 | 4 | 3 |
| 6 | 20,020 | 4 | 3 |
| 7 | 20,024 | 4 | 3 |
| 8 | 20,028 | 4 | 3 |
| 9 | 20,032 | 4 | 3 |
| 10 | 20,036 | 4 | 3 |
| TOTAL: | $40 | $28 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
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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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↓0.09% on December 7. |
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|
|
4.75% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on November 25. |
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|
|
4.70% |
$1,000 |
Learn More | |
|
Last change: ↑0.70% on December 7. |
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Customer Reviews for Bank of Hawaii
Frutoso Tellei
June 23, 2020 |
Hello, Aloha and Alii from the Republic of Palau, I'm writing on this review page so that you can be aware of a situation that I faced here on our small island nation. first of all, I must thank BOH for having serve our island nation for a very long time as a base of our island financial development, there's no doubt about that, a big thank you from here, however, a recent promo from the bank relating to this pandemic crisis that has affected all lives the world over in recent months was offered here at your Palau branch. To a lot of people like me who are struggling to make ends meet in this difficult times, it was like a good blessing from your bank, to our dismay, we were denied the loan and according to your agents here, it was due to points, I think in crisis like this, I believe the point system should be put aside for people who are in crisis and be applied at later time when the economy rebound, I think that federal reserve can be able to reimburse your loss as a result of your contribution to the economy during hard times.
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