Compound Interest Calculator
CD 2-year Account from Canadian Imperial Bank USA with 3.70% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from Canadian Imperial Bank USA with 3.70% 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 $28,762. The interest earned would be $8,762 and the tax amount on the interest earned would be approximately $2,629.

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 Canadian Imperial Bank USA

Savings Boost of
$5,186 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
Canadian Imperial Bank USA Interest Earned $6,133

 

 

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:
0.66%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 131 92
2 20,131 132 93
3 20,264 133 93
4 20,397 134 94
5 20,531 135 94
6 20,666 136 95
7 20,801 137 96
8 20,938 138 96
9 21,076 138 97
10 21,214 139 98
TOTAL: $1,354 $947

Canadian Imperial Bank USA Scenario

Rate:
3.70%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 740 518
2 20,740 767 537
3 21,507 796 557
4 22,303 825 578
5 23,128 856 599
6 23,984 887 621
7 24,872 920 644
8 25,792 954 668
9 26,746 990 693
10 27,736 1,026 718
TOTAL: $8,762 $6,133

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
September 25, 2024 3.70%
September 18, 2024 4.20%
March 26, 2024 4.45%
February 2, 2024 4.70%
August 20, 2023 4.80%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.

Last change: ↓0.50% on October 1.



Customer Reviews for Canadian Imperial Bank USA (23)


  • July 23, 2023

    Online Savings Rates

    easy to work with but the rate isn't competitive. not even the leading savings rate banks are competitive versus short us treasuries.

  • July 18, 2023 |

    Online Savings Rates

    The 30-day early withdrawal penalty on a 1-yr cd is really tough to beat. I had been a big fan of these No Penalty CDs at Ally and CIT, but this is a far better rate and the risk-reward makes perfect sense. I've also opened an account with Forbright which has a 3 month Early Withdrawal Penalty. I think Ally is 2 months but they are not rate competitive. 2 or 3 months is very fair. These other players that charge six months are just hoping for you to have a misfortune or to get out quickly if rates go higher.

  • May 30, 2023 |

    Online Savings Rates

    One year at 5.28% with a 30 day Early Withdrawal Penalty is tough to beat, (except in the Treasury market where I can get the same terms and it is state tax free).

  • October 3, 2022 |

    Online Savings Rates

    The rate is not always competitive (but I am checking now on October 3, 2022 and it is above Ally, Barclays, Marcus, Synchrony). I still give CIBC an A+. It is all about transfers. Theirs are easy, reliable.

  • May 19, 2022 |

    Online Savings Rates

    I was a long time customer. I took balances down below $200 in 2020 in order to buy a house during pandemic. I had always planned to deposit again in a rising rate environment. I logged back on today and kaboom, they took all my money in fees for having a low balance. I also have accounts with some of the others (Marcus, Ally, CitizensAccess). I recommend those ones and not this one as they would never steal from me.


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