The product Money Market Account from Central Bank & Trust Company with 0.05% APY and $10,000 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 $20,100. The interest earned would be $100 and the tax amount on the interest earned would be approximately $30.
Please note that this product is available in Kentucky and 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: 0.05% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 10 | 7 |
| 2 | 20,010 | 10 | 7 |
| 3 | 20,020 | 10 | 7 |
| 4 | 20,030 | 10 | 7 |
| 5 | 20,040 | 10 | 7 |
| 6 | 20,050 | 10 | 7 |
| 7 | 20,060 | 10 | 7 |
| 8 | 20,070 | 10 | 7 |
| 9 | 20,080 | 10 | 7 |
| 10 | 20,090 | 10 | 7 |
| TOTAL: | $100 | $70 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
||||
|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
||||
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
||||
|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
||||
|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
||||
Customer Reviews for Central Bank & Trust Company
Pbar
March 11, 2023 |
Best Bank in Lexington. FDIC insured but not ruled by the Fed.
Is this review helpful? Yes:1 / No: 0
Wellington
November 1, 2019 |
Not impressed. Got a CD last November. The staff person put the wrong SS number. I was back home 60 miles away before I realized it. My bad. Central does not issue earnings statements. So the same staff told me
Thought I would buy a truck in August. Asked about using CD as security for a loan. Less than 25% of the value of the CD. The person that answered the phone did not know if Central did that. Supposedly talked to a loan officer. I held on til she reported back, " we don't do that". The original staff didn't know what a passbook savings account was. I am dating myself, but I retired from FDIC. So on the maturity date of 11\13\19 I will be moving my money
Still scratching my head!!
Is this review helpful? Yes:1 / No: 1
Add Your Review
or use your BestCashCow account