The product CD 7-month Account from Banner Bank with 4.08% 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 $29,833. The interest earned would be $9,833 and the tax amount on the interest earned would be approximately $2,950.
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 | 20,090 | 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: 4.08% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 816 | 571 |
| 2 | 20,816 | 849 | 595 |
| 3 | 21,665 | 884 | 619 |
| 4 | 22,549 | 920 | 644 |
| 5 | 23,469 | 958 | 670 |
| 6 | 24,427 | 997 | 698 |
| 7 | 25,423 | 1,037 | 726 |
| 8 | 26,461 | 1,080 | 756 |
| 9 | 27,540 | 1,124 | 787 |
| 10 | 28,664 | 1,169 | 819 |
| TOTAL: | $9,833 | $6,883 |
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.
| Date | APY |
|---|---|
| October 14, 2024 | 4.08% |
| December 4, 2023 | 4.34% |
| December 4, 2023 | 1.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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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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Customer Reviews for Banner Bank
Unhappy
March 25, 2020 |
Banner bank is sometimes hard to work with. If you have a construction loan to get a disbursement you fill out a sheet with the line item (not a big deal). Then they schedule an inspection that you pay $150 for each time! Well hell's bells how many milestones are there in a construction project! It is a great racket on their part.
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