The product Money Market Account from CFG Bank with 4.90% 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 $32,269. The interest earned would be $12,269 and the tax amount on the interest earned would be approximately $3,681.
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 | 20,090 | 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: 4.90% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 980 | 686 |
| 2 | 20,980 | 1,028 | 720 |
| 3 | 22,008 | 1,078 | 755 |
| 4 | 23,086 | 1,131 | 792 |
| 5 | 24,218 | 1,187 | 831 |
| 6 | 25,404 | 1,245 | 871 |
| 7 | 26,649 | 1,306 | 914 |
| 8 | 27,955 | 1,370 | 959 |
| 9 | 29,325 | 1,437 | 1,006 |
| 10 | 30,762 | 1,507 | 1,055 |
| TOTAL: | $12,269 | $8,588 |
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 |
|---|---|
| October 29, 2024 | 4.90% |
| October 8, 2024 | 5.00% |
| October 1, 2024 | 5.05% |
| September 18, 2024 | 5.19% |
| August 28, 2024 | 5.23% |
| January 23, 2024 | 5.25% |
| January 23, 2024 | 4.37% |
| September 30, 2023 | 5.25% |
| September 26, 2023 | 5.20% |
| August 29, 2023 | 4.37% |
| 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 CFG Bank
Estewart51
September 7, 2022 |
I was considering opening a CD with this bank but I'm having second thoughts due to the many NEGETATIVE reviews. I'm seeking an on line bank with competitive rates and GOOD CUSTOMER SERVICE.
Is this review helpful? Yes:10 / No: 15
Nancy B
August 17, 2022 |
So frustrating trying to open and fund an account. No return phone calls, couldn’t add funds. Giving up and taking my money elsewhere! If it’s difficult depositing money, I can only imagine trying to withdraw money!! Don’t waste your time!
Is this review helpful? Yes:16 / No: 1
PK
August 5, 2022 |
Don't waste your time. No one returns calls. We waited for a week and never heard back from them. If you cannot get your money into the bank I can only imagine the hassles getting it out. If you read these reviews its clear they do not have the capacity to actually be an online bank.
Is this review helpful? Yes:15 / No: 0
niedfreddie
May 27, 2021 |
Online application only good for opening a CD. I had trouble trying to establish an High Yield Saving Account. Their online application process kept initiating a CD account. I was unable to create a saving account and their service reps were not helpful in providing guidance for me to establish an savings account. Another factor to be aware of is transferring funds to external accounts takes forever to process. The only thing they have going is the high rates on their CD accounts.
Is this review helpful? Yes:8 / No: 0
Howard Sirkis
March 17, 2020 |
Great people to work with.They are smart Most of the money they lend is in the health care field. They stay away from the housing industry .They also test you with respect.M&t could care less about your time. These people respect your time and get you done fast.
Is this review helpful? Yes:1 / No: 6
Add Your Review
or use your BestCashCow account