The product CD 18-month Account from CIBC Bank USA with 0.35% APY and $100,000 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 $20,711. The interest earned would be $711 and the tax amount on the interest earned would be approximately $213.
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.
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: 0.35% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 70 | 49 |
| 2 | 20,070 | 70 | 49 |
| 3 | 20,140 | 70 | 49 |
| 4 | 20,211 | 71 | 50 |
| 5 | 20,281 | 71 | 50 |
| 6 | 20,352 | 71 | 50 |
| 7 | 20,424 | 71 | 50 |
| 8 | 20,495 | 72 | 50 |
| 9 | 20,567 | 72 | 50 |
| 10 | 20,639 | 72 | 51 |
| TOTAL: | $711 | $498 |
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. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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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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Customer Reviews for CIBC Bank USA
me
October 13, 2021
Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparently does not make hard pulls against depositors. I am referring to many credit unions in that last sentence who make it so hard for anyone except the favored few near branches to get their advertised special offers.
Is this review helpful? Yes:0 / No: 0
krfjtk
July 9, 2021 |
Improved greatly over the experiences of earlier reviewers. Smooth approval. Everything is fine, helped in recovering sign-in protocols and in deposits/withdrawals. Not some hinky fintech that has to be worked only out of a buggy app, assuming approval which is often denied for unclear reasons.
Is this review helpful? Yes:0 / No: 0
Ari S
February 6, 2019 |
I opened an account in January. I found the opening process easy and am enjoying earning a savings rates for a $1 minimum that is higher than that offered by the other well-recognized online banks.
Is this review helpful? Yes:0 / No: 0
Michael Guttman
December 23, 2018 |
The 2.39% rate was nice enough to get be to just open a CIBC account, but I closed it 5 minutes later. I was not able to bring money in from an external bank account (in my case, Chase). You have to wire it over or send them a check. I also learned you absolutely cannot withdraw anything for 90 days. There are better options out there.
Is this review helpful? Yes:1 / No: 0
Nothing but Frustration
July 13, 2018 |
nothing works. trying to call the number and get someone is futile.
Is this review helpful? Yes:1 / No: 0
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