Compound Interest Calculator
CD 5-year Account from CITY OF BOSTON with 1.55% APY and $50,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from CITY OF BOSTON with 1.55% APY and $50,000 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 $23,325. The interest earned would be $3,325 and the tax amount on the interest earned would be approximately $998.

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

The Results for CITY OF BOSTON

Savings Boost of
$993 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
CITY OF BOSTON Interest Earned $2,328

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

CITY OF BOSTON Scenario

Rate:
1.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 310 217
2 20,310 315 220
3 20,625 320 224
4 20,944 325 227
5 21,269 330 231
6 21,599 335 234
7 21,934 340 238
8 22,274 345 242
9 22,619 351 245
10 22,969 356 249
TOTAL: $3,325 $2,328

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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.



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