The product Money Market Account from CFG Bank with 4.80% 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 $31,963. The interest earned would be $11,963 and the tax amount on the interest earned would be approximately $3,589.
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: 4.80% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 960 | 672 |
| 2 | 20,960 | 1,006 | 704 |
| 3 | 21,966 | 1,054 | 738 |
| 4 | 23,020 | 1,105 | 773 |
| 5 | 24,125 | 1,158 | 811 |
| 6 | 25,283 | 1,214 | 850 |
| 7 | 26,497 | 1,272 | 890 |
| 8 | 27,769 | 1,333 | 933 |
| 9 | 29,102 | 1,397 | 978 |
| 10 | 30,499 | 1,464 | 1,025 |
| TOTAL: | $11,963 | $8,374 |
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 |
|---|---|
| November 12, 2024 | 4.80% |
| October 29, 2024 | 4.90% |
| October 8, 2024 | 5.00% |
| October 1, 2024 | 5.05% |
| September 20, 2024 | 5.19% |
| August 28, 2024 | 5.23% |
| September 30, 2023 | 5.25% |
| September 26, 2023 | 5.20% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
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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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on October 28. |
||||
Customer Reviews for CFG Bank (52)
TJK
September 30, 2023 |
CFG overs very competitive Interest rates on their High Yield Savings account.
I did everything ONLINE and have not had any issues with their service.
Is this review helpful? Yes:2 / No: 0
Demon1965
May 3, 2023 |
30-year USAA member that consistently earned .01% interest on savings. Took son's advice and transferred funds to CFG. On $100k I earned $0.63 monthly with USAA - whereas CFG shares the wealth and I earn $400+. Satisfied customer.
Is this review helpful? Yes:2 / No: 0
DaveF150
April 11, 2023 |
No problem with phoning the bank. It can take 5 to 10 days for the wire transfer, since CFG first makes 2 small deposits into your account to verify the Routing Number and account number YOU provide is valid. That itself can take 2 business days. Then depending on when YOU check your email and recieve a secure link from CFG, you must confirm the small amounts (2) (.28 and .87) prior too, the transfer of funding amount (10K) in my case. Easy to follow web site, just read every word, Safe and Secure.
Is this review helpful? Yes:3 / No: 0
YTR
March 27, 2023 |
CFG is an outstanding bank, and now rate is over 5%!
Is this review helpful? Yes:3 / No: 1
Tom154
February 28, 2023 |
I have tried to reach this bank due to my application did not go through by calling them and leaving messages for three days. No one will answer the phone or call me back. I am very disappointed after giving them all my personal information.
Is this review helpful? Yes:26 / No: 1
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