Compound Interest Calculator
CD 8-month Account from Better Banks with 4.03% APY and $1,000 minimum deposit

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The product CD 8-month Account from Better Banks with 4.03% 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 $29,690. The interest earned would be $9,690 and the tax amount on the interest earned would be approximately $2,907.

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 Better Banks

Savings Boost of
$6,465 over 10 years

Cash Savings $20,000

Average Interest Earned $318

Better Banks Interest Earned $6,783

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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

Better Banks Scenario

	Rate: 4.03%	Annual Interest	Annual Interest (After Tax)
1	20,000	806	564
2	20,806	838	587
3	21,644	872	611
4	22,517	907	635
5	23,424	944	661
6	24,368	982	687
7	25,350	1,022	715
8	26,372	1,063	744
9	27,435	1,106	774
10	28,540	1,150	805
	TOTAL:	$9,690	$6,783

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
November 13, 2024	4.03%
August 14, 2024	4.28%
June 24, 2024	4.53%
January 17, 2024	4.03%
January 17, 2024	1.00%

Featured CD Rates

ONLINE BANKS	APY^?	MIN^?
My e-Banc, a division of Bradesco BAC Florida Bank	5.00%	$50,000	Learn More
Last change: ↑0.25% on October 28. 6 Month Jumbo CD.
TotalDirect, a division of City National Bank of Florida	4.91%	$25,000	Learn More
Last change: ↓0.09% on October 17. 3 Month CD.
Norwood Bank	4.90%	$10,000	Learn More
Last change: ↓0.15% on September 6.
Prime Alliance Bank	4.90%	$500	Learn More
Last change: ↓0.05% on September 27.
Bask Bank, a division of Texas Capital Bank	4.90%	$1,000	Learn More
Last change: ↓0.10% on October 1.

Compound Interest Calculator CD 8-month Account from Better Banks with 4.03% APY and $1,000 minimum deposit