Compound Interest Calculator
CD 1-year Account from First Bank of the Lake with 4.85% APY and $5,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from First Bank of the Lake with 4.85% APY and $5,000 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 $32,115. The interest earned would be $12,115 and the tax amount on the interest earned would be approximately $3,635.

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

The Results for First Bank of the Lake

Savings Boost of
$7,689 over 10 years
Cash Savings $20,000
Average Interest Earned $792

 
First Bank of the Lake Interest Earned $8,481

 

 

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:
0.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 110 77
2 20,110 111 78
3 20,221 112 78
4 20,333 112 79
5 20,445 113 79
6 20,558 113 79
7 20,672 114 80
8 20,786 115 80
9 20,900 115 81
10 21,016 116 81
TOTAL: $1,132 $792

First Bank of the Lake Scenario

Rate:
4.85%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 970 679
2 20,970 1,017 712
3 21,987 1,066 746
4 23,053 1,118 783
5 24,172 1,172 821
6 25,344 1,229 860
7 26,573 1,289 902
8 27,862 1,351 946
9 29,213 1,417 992
10 30,630 1,486 1,040
TOTAL: $12,115 $8,481

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
August 16, 2024 4.85%
August 2, 2024 5.00%
January 2, 2024 4.85%
September 29, 2023 5.00%
August 20, 2023 4.50%


Featured CD Rates

ONLINE BANKS APY? MIN?

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

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

Last change: ↓0.15% on September 6.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.

Last change: ↓0.50% on October 1.



Customer Reviews for First Bank of the Lake


  • June 10, 2021 |

    CDs 42 Month Rates

    I bank at this bank and they have the best people working there They all have a lot of knowledge and most all have been there a long time they do a great job and have the highest CD rates around

  • March 16, 2021

    CDs 12 Month Rates

    Leo thanks for the heads up

  • February 6, 2021 |

    As someone who works in SBA lending at a larger financial institution I am appalled at the lack of service received from this bank. They obviously spent a great deal of money on Google ads for PPP, instead of investing in having sufficient support to execute the influx of applications received.

    No one answers phone lines. No one responds to emails. Completed “pre-application” submitted on 1/13/2020 with all supporting documentation. Then I receive an email on a Friday evening that my application was declined due to lack of documentation (I believe they were more pressed about the negative Tweets I posted tbh).

    It is no wonder they have such negative reviews. A prospective client can’t help but feel like they received the old bait and switch from First Bank.

    Sadly, you are hurting small business owners with your inadequate customer support.

  • January 28, 2021 |

    Worst bank


Add Your Review


or use your BestCashCow account

or