Compound Interest Calculator
CD 3-year Account from Bank of Salem with 0.90% APY and $100,000 minimum deposit

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The product CD 3-year Account from Bank of Salem with 0.90% APY and $100,000 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 $21,875. The interest earned would be $1,875 and the tax amount on the interest earned would be approximately $562.

Please note that this product is available in Arkansas 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 of Salem

Savings Boost of
$226 over 10 years

Cash Savings $20,000

Average Interest Earned $1,086

Bank of Salem Interest Earned $1,312

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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: 0.75%	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 of Salem Scenario

	Rate: 0.90%	Annual Interest	Annual Interest (After Tax)
1	20,000	180	126
2	20,180	182	127
3	20,362	183	128
4	20,545	185	129
5	20,730	187	131
6	20,916	188	132
7	21,105	190	133
8	21,295	192	134
9	21,486	193	135
10	21,680	195	137
	TOTAL:	$1,875	$1,312

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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Compound Interest Calculator CD 3-year Account from Bank of Salem with 0.90% APY and $100,000 minimum deposit