Compound Interest Calculator
CD 18-month Account from EMPOWER with 3.35% APY and $500 minimum deposit

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The product CD 18-month Account from EMPOWER with 3.35% 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 $27,806. The interest earned would be $7,806 and the tax amount on the interest earned would be approximately $2,342.

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 EMPOWER

Savings Boost of
$5,144 over 10 years

Cash Savings $20,000

Average Interest Earned $320

EMPOWER Interest Earned $5,464

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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

EMPOWER Scenario

	Rate: 3.35%	Annual Interest	Annual Interest (After Tax)
1	20,000	670	469
2	20,670	692	485
3	21,362	716	501
4	22,078	740	518
5	22,818	764	535
6	23,582	790	553
7	24,372	816	572
8	25,189	844	591
9	26,032	872	610
10	26,904	901	631
	TOTAL:	$7,806	$5,464

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
October 22, 2024	3.35%
August 19, 2023	4.00%

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Compound Interest Calculator CD 18-month Account from EMPOWER with 3.35% APY and $500 minimum deposit