Compound Interest Calculator
Money Market Account from Dearborn Federal Savings Bank with 0.15% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from Dearborn Federal Savings Bank with 0.15% APY and $10,000 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 $20,302. The interest earned would be $302 and the tax amount on the interest earned would be approximately $91.

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 Dearborn Federal Savings Bank

Savings Boost of
$-107 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Dearborn Federal Savings Bank Interest Earned $211

 

 

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 20,090 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

Dearborn Federal Savings Bank Scenario

Rate:
0.15%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 30 21
2 20,030 30 21
3 20,060 30 21
4 20,090 30 21
5 20,120 30 21
6 20,150 30 21
7 20,181 30 21
8 20,211 30 21
9 20,241 30 21
10 20,272 30 21
TOTAL: $302 $211

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: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↑3.00% on August 7.

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

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.



Customer Reviews for Dearborn Federal Savings Bank


  • February 1, 2023 |

    CDs 12 Month Rates

    Absolutely most horrible experience in my life I opened a large CD when I was living in Dearborn and let the interest accrue for about 6 years I knew how much the interest rate was and how much was in the account I made an appointment and went in and sat with the manager who was new she was very arrogant and did not want to give me any of my money back and basically said to me if you want any of your money back or willing to give you the initial amount you invested and that is all and that is actually what I walked away with after having it entrusted with their financial institution for 6 years


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