Compound Interest Calculator
Money Market Account from BankNewport with 0.05% APY and $2,500 minimum deposit

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The product Money Market Account from BankNewport with 0.05% 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 $20,100. 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 Rhode Island and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for BankNewport

Savings Boost of
$-248 over 10 years

Cash Savings $20,000

Average Interest Earned $318

BankNewport Interest Earned $70

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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: 0.23%	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

BankNewport Scenario

	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

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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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Customer Reviews for BankNewport

ken oson

October 20, 2017

CDs 12 Month Rates

what is your cd rate for $200,000.00

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Compound Interest Calculator Money Market Account from BankNewport with 0.05% APY and $2,500 minimum deposit