Compound Interest Calculator
CD 1-year Account from First Bank with 4.97% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from First Bank with 4.97% 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 $32,485. The interest earned would be $12,485 and the tax amount on the interest earned would be approximately $3,745.

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 First Bank

Savings Boost of
$7,946 over 10 years
Cash Savings $20,000
Average Interest Earned $794

 
First Bank Interest Earned $8,739

 

 

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 20,000 111 77
2 20,111 111 78
3 20,222 112 78
4 20,334 112 79
5 20,446 113 79
6 20,559 114 80
7 20,673 114 80
8 20,787 115 80
9 20,902 116 81
10 21,018 116 81
TOTAL: $1,134 $794

First Bank Scenario

Rate:
4.97%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 994 696
2 20,994 1,043 730
3 22,037 1,095 767
4 23,133 1,150 805
5 24,282 1,207 845
6 25,489 1,267 887
7 26,756 1,330 931
8 28,086 1,396 977
9 29,482 1,465 1,026
10 30,947 1,538 1,077
TOTAL: $12,485 $8,739

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 19, 2023 4.97%


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