The product Money Market Account from Cf Bank, National Association with 4.30% APY and $25,000 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 $30,470. The interest earned would be $10,470 and the tax amount on the interest earned would be approximately $3,141.
Please note that 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 | 20,091 | 45 | 32 |
| 4 | 20,136 | 46 | 32 |
| 5 | 20,181 | 46 | 32 |
| 6 | 20,227 | 46 | 32 |
| 7 | 20,273 | 46 | 32 |
| 8 | 20,319 | 46 | 32 |
| 9 | 20,364 | 46 | 32 |
| 10 | 20,410 | 46 | 32 |
| TOTAL: | $457 | $320 |
| Rate: 4.30% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 860 | 602 |
| 2 | 20,860 | 897 | 628 |
| 3 | 21,757 | 936 | 655 |
| 4 | 22,693 | 976 | 683 |
| 5 | 23,668 | 1,018 | 712 |
| 6 | 24,686 | 1,061 | 743 |
| 7 | 25,748 | 1,107 | 775 |
| 8 | 26,855 | 1,155 | 808 |
| 9 | 28,009 | 1,204 | 843 |
| 10 | 29,214 | 1,256 | 879 |
| TOTAL: | $10,470 | $7,329 |
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.
| Date | APY |
|---|---|
| August 19, 2023 | 4.30% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↓0.09% on December 7. |
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|
|
4.75% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on November 25. |
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|
|
4.70% |
$1,000 |
Learn More | |
|
Last change: ↑0.70% on December 7. |
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Customer Reviews for CFBank, National Association
James R.
September 11, 2020 |
CF Bank showed good promise as a lender. They have a nice site with a swift intake and origination process. My originator, Dylan, was knowledgeable and a pleasure to work with. I unfortunately can’t give CF Bank much credit other than that. I began a refi process with them in June of 2020 and have just cancelled my application with them in September. Their back-office process is lacking in transparency and their underwriting department appears to be disorganized and inefficient. The appraisal that was done for my property was delivered to CF Bank around June 26th and I was notified on September 8th that they were pending an updated appraisal because of their “risk” review. I’ve submitted documentation as requested. For a documented refi, with excellent credit, and under 80% LTV it is ridiculous to take 90+ days to wrap up the loan. I cancelled my application with them and have gone back to my time tested and proven lenders who I know can close a loan. YMMV – but take this as a word of caution – you’ll likely have an extended closing, if you can wait that long.
Is this review helpful? Yes:0 / No: 0
Michael M
April 13, 2020 |
Loren was extremely unpleasant through initial communications and would only communicate via email (wouldn’t answer the phone but then email you back). Loren then sold a deal that sounded good so we moved forward because business is business but then could not close without an additional $16,000.00 at closing. Beware, Loren will sell you a deal to get you away from his competitors and then you will pay his appraisal company $500 and all of a sudden the deal will change.
Is this review helpful? Yes:0 / No: 0
John M
February 19, 2020 |
Applied for a simple refi. My income is the same, my credit score went up from 700 to 780 and my outside debt level dropped significantly all since I obtained my original mortgage. Should have been simple refi process. Underwriting didn't understand that my income consists of salary and commission so denied refi. Now they won't give me a detailed explanation of why they denied refi. They don't seem to have qualified underwriters to do there job. Best to go with a large bank or mortgage company.
Is this review helpful? Yes:2 / No: 0
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