The product Money Market Account from Bank5 Connect with 4.41% APY and $5,000 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 $30,793. The interest earned would be $10,793 and the tax amount on the interest earned would be approximately $3,238.
Please note that 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: 4.41% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 882 | 617 |
| 2 | 20,882 | 921 | 645 |
| 3 | 21,803 | 962 | 673 |
| 4 | 22,764 | 1,004 | 703 |
| 5 | 23,768 | 1,048 | 734 |
| 6 | 24,816 | 1,094 | 766 |
| 7 | 25,911 | 1,143 | 800 |
| 8 | 27,054 | 1,193 | 835 |
| 9 | 28,247 | 1,246 | 872 |
| 10 | 29,492 | 1,301 | 910 |
| TOTAL: | $10,793 | $7,555 |
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 Bank5 Connect (11)
BW
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.
Is this review helpful? Yes:4 / No: 1
Savvysaver
June 27, 2020
Agree with "Cannot recommend", this is a bricks and mortar bank with a very limited online presence.
Is this review helpful? Yes:5 / No: 0
Timothy E
September 15, 2018 |
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).
Is this review helpful? Yes:7 / No: 0
Cannot recommend
July 21, 2018 |
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.
Is this review helpful? Yes:5 / No: 1
Tumo
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.
Is this review helpful? Yes:11 / No: 0
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