Compound Interest Calculator
CD 6-month Account from Bank5 Connect with 4.85% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 6-month Account from Bank5 Connect with 4.85% APY and $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 $32,115. The interest earned would be $12,115 and the tax amount on the interest earned would be approximately $3,635.

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 Bank5 Connect

Savings Boost of
$8,163 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Bank5 Connect Interest Earned $8,481

 

 

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:
0.23%
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

Bank5 Connect Scenario

Rate:
4.85%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 970 679
2 20,970 1,017 712
3 21,987 1,066 746
4 23,053 1,118 783
5 24,172 1,172 821
6 25,344 1,229 860
7 26,573 1,289 902
8 27,862 1,351 946
9 29,213 1,417 992
10 30,630 1,486 1,040
TOTAL: $12,115 $8,481

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
October 28, 2024 4.85%
October 16, 2024 4.95%
May 13, 2024 5.05%


Featured CD Rates

ONLINE BANKS APY? MIN?

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Last change: ↓0.05% on September 27.



Customer Reviews for Bank5 Connect (11)


  • July 17, 2021 |

    I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd recommend this bank.

  • June 27, 2020

    Online CDs 12 Month Rates

    Agree with "Cannot recommend", this is a bricks and mortar bank with a very limited online presence.

  • September 15, 2018 |

    Online Savings Rates

    I applied 5 days ago. I have perfect credit. Got a letter back saying that they were unable to verify my credit with Equifax. I have never dreamed of being rejected for a savings account and have nothing more to say (speechless).

  • July 21, 2018 |

    Online CDs 12 Month Rates

    This is not an online bank. It is a Massachusetts bank discriminating against Massachusetts residents by trying to offer higher rates to outsiders. But, their online capabilities are a joke. Please remove from the online table and return this to the Mass. table.

  • May 7, 2018 |

    Great rates on CD's, but a big pain in the --- to get through the account opening even when you are a existing customer.


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