The product Money Market Account from Bank of Utah with 0.05% 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 $20,100. The interest earned would be $100 and the tax amount on the interest earned would be approximately $30.
Please note that this product is available in Utah 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 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,181 | 45 | 32 |
| 6 | 20,226 | 46 | 32 |
| 7 | 20,272 | 46 | 32 |
| 8 | 20,317 | 46 | 32 |
| 9 | 20,363 | 46 | 32 |
| 10 | 20,409 | 46 | 32 |
| TOTAL: | $455 | $318 |
| Rate: 0.05% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 10 | 7 |
| 2 | 20,010 | 10 | 7 |
| 3 | 20,020 | 10 | 7 |
| 4 | 20,030 | 10 | 7 |
| 5 | 20,040 | 10 | 7 |
| 6 | 20,050 | 10 | 7 |
| 7 | 20,060 | 10 | 7 |
| 8 | 20,070 | 10 | 7 |
| 9 | 20,080 | 10 | 7 |
| 10 | 20,090 | 10 | 7 |
| TOTAL: | $100 | $70 |
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? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
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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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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|
|
4.90% |
$1,000 |
Learn More | |
|
Last change: ↓0.10% on October 1. |
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Customer Reviews for Bank of Utah
Danish Sunshine
August 3, 2017 |
BoU's Bountiful branch on 5th W 1st S today had a sign posted outside listing CDs at 3.00% for 12 mos and 4.75% for 60 mos. However, no one would answer or return calls at this branch and the bank's Roy branch was stunned to learn of its sister branch's changed rates. Calls to the Bountiful Branch Manager to verify went unanswered, as well. ????? We'd rate 5 stars if their A-frame double-sided CD rates are, indeed, factual, but only two stars for their inaccessibility and neglect in returning and / or answering calls, even from sister branches who tried with us on the line to verify their rates.
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