Compound Interest Calculator
Savings Account from CANVAS with 5.00% APY and $0 minimum deposit

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The product Savings Account from CANVAS with 5.00% APY and $0 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 $32,578. The interest earned would be $12,578 and the tax amount on the interest earned would be approximately $3,773.

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 CANVAS

Savings Boost of
$8,486 over 10 years

Cash Savings $20,000

Average Interest Earned $318

CANVAS Interest Earned $8,805

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: 0.23%	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

CANVAS Scenario

	Rate: 5.00%	Annual Interest	Annual Interest (After Tax)
1	20,000	1,000	700
2	21,000	1,050	735
3	22,050	1,103	772
4	23,153	1,158	810
5	24,310	1,216	851
6	25,526	1,276	893
7	26,802	1,340	938
8	28,142	1,407	985
9	29,549	1,477	1,034
10	31,027	1,551	1,086
	TOTAL:	$12,578	$8,805

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.

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Compound Interest Calculator Savings Account from CANVAS with 5.00% APY and $0 minimum deposit