Compound Interest Calculator
CD 5-year Account from DEPARTMENT OF COMMERCE with 1.97% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from DEPARTMENT OF COMMERCE with 1.97% APY and $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 $24,308. The interest earned would be $4,308 and the tax amount on the interest earned would be approximately $1,292.

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

The Results for DEPARTMENT OF COMMERCE

Savings Boost of
$1,675 over 10 years
Cash Savings $20,000
Average Interest Earned $1,341

 
DEPARTMENT OF COMMERCE Interest Earned $3,016

 

 

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 20,000 184 129
2 20,184 185 130
3 20,369 187 131
4 20,556 189 132
5 20,745 191 133
6 20,936 192 135
7 21,128 194 136
8 21,323 196 137
9 21,519 198 138
10 21,716 200 140
TOTAL: $1,916 $1,341

DEPARTMENT OF COMMERCE Scenario

Rate:
1.97%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 394 276
2 20,394 402 281
3 20,796 410 287
4 21,205 418 292
5 21,623 426 298
6 22,049 434 304
7 22,484 443 310
8 22,926 452 316
9 23,378 461 322
10 23,839 470 329
TOTAL: $4,308 $3,016

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.


Recent Rate Changes



Date APY
April 4, 2025 1.97%
September 22, 2024 3.30%
September 6, 2024 4.08%
September 22, 2023 4.34%
September 15, 2023 4.50%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.10% on February 9.
6 Month Jumbo CD.

Last change: ↓0.50% on October 1, 2024.

Last change: ↑0.20% on January 18.

Last change: ↓0.15% on January 25.

Last change: ↑0.20% on April 9.



Customer Reviews for Department of Commerce


  • December 14, 2022 |

    Online CDs 12 Month Rates

    Agree with Jaben to stay away from docfcu. They don't appreciate loyal members and easily turn down any requests after a delayed response. I have closed my accounts and moved my funds to better institutions with 24x7 customer service and peace of mind.

  • November 14, 2022 |

    Refused to waive penalties when I asked to move my CD into another 5 year CD in their institution prior to maturity, rather than withdrawing and placing in another bank. It took me several weeks to get a response to this question because I had to 1st start with a customer account rep and then ask someone higher up.

    Other banks and credit unions waive fees if you keep the money in their bank, so I would stay away from this credit union if you want real customer service. They don't value anyone's patronage.


Add Your Review


or use your BestCashCow account

or