Compound Interest Calculator
Money Market Account from ChoiceOne Bank with 0.01% APY and $2,500 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from ChoiceOne Bank with 0.01% APY and $2,500 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 $20,020. The interest earned would be $20 and the tax amount on the interest earned would be approximately $6.

Please note that this product is available in Michigan and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for ChoiceOne Bank

Savings Boost of
$-306 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
ChoiceOne Bank Interest Earned $14

 

 

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 20,091 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

ChoiceOne Bank Scenario

Rate:
0.01%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 2 1
2 20,002 2 1
3 20,004 2 1
4 20,006 2 1
5 20,008 2 1
6 20,010 2 1
7 20,012 2 1
8 20,014 2 1
9 20,016 2 1
10 20,018 2 1
TOTAL: $20 $14

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.



Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↓0.09% on December 7.
6 Month Jumbo CD.

Last change: ↑0.25% on November 25.

Last change: ↑0.70% on December 7.



Customer Reviews for ChoiceOne Bank


  • July 17, 2020

    Terrible experience trying to get a mortgage. I’ve got great credit, have gotten literally dozens of mortgages over the past 40 years. I completed an online application, waited a week and never heard anything. I then contacted the bank, was told that my loan had been assigned to a certain person, they were unavailable but I was asked to send an email to their processing assistant, which I did. I waited another week never heard anything no response to email no phone call. I then called the bank again and was told that they were sorry, and said a different person would be in touch. She did call the next day, and I followed up with some additional information. She was a complete idiot after going through some of the information she started spouting off all these guidelines and rules. And that I would not be able to get a mortgage. This is quite ridiculous and that the amount that I was requesting is about 1/2 of the value of the home ans about 1/30 of my net worth.
    Don’t waste your time, there are better options available.

  • May 21, 2020 |

    Hate banks, bankers, and any institutions that are like banks.
    Lakestone bank lied to us when they told us we could have a overdraft protected account. They charged us $35 over draft fee. Then gave it back when we flipped out on them. They then charged us a $35 fee to fix it.
    Covid makes it so we cant go to the bank and the shut it down and change it to Choice One which has a policy to charge $50 on all savings accounts. So they charged us $25 to open as Lakestone then 3 months later charge us $50 as the new bank policy. So I see it that they basicly stole $110 from me in 3 months time.
    Imagine how much money they made off everyone's savings accounts.


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