Compound Interest Calculator
CD 5-year Account from Bay State Savings Bank with 3.00% APY and $1,000 minimum deposit

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The product CD 5-year Account from Bay State Savings Bank with 3.00% APY and $1,000 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 $26,878. The interest earned would be $6,878 and the tax amount on the interest earned would be approximately $2,063.

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 Bay State Savings Bank

Savings Boost of
$3,480 over 10 years

Cash Savings $20,000

Average Interest Earned $1,335

Bay State Savings Bank Interest Earned $4,815

Compare

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: 0.92%	Annual Interest	Annual Interest (After Tax)
1	20,000	183	128
2	20,183	185	129
3	20,368	186	130
4	20,554	188	132
5	20,742	190	133
6	20,932	192	134
7	21,123	193	135
8	21,317	195	137
9	21,512	197	138
10	21,709	199	139
	TOTAL:	$1,907	$1,335

Bay State Savings Bank Scenario

	Rate: 3.00%	Annual Interest	Annual Interest (After Tax)
1	20,000	600	420
2	20,600	618	433
3	21,218	637	446
4	21,855	656	459
5	22,510	675	473
6	23,185	696	487
7	23,881	716	502
8	24,597	738	517
9	25,335	760	532
10	26,095	783	548
	TOTAL:	$6,878	$4,815

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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.

Recent Rate Changes

Date	APY
January 23, 2024	3.00%

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Compound Interest Calculator CD 5-year Account from Bay State Savings Bank with 3.00% APY and $1,000 minimum deposit