The product Savings Account from First Foundation Bank with 4.90% APY and $1,000 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 $32,269. The interest earned would be $12,269 and the tax amount on the interest earned would be approximately $3,681.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| 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 |
| Rate: 4.90% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 980 | 686 |
| 2 | 20,980 | 1,028 | 720 |
| 3 | 22,008 | 1,078 | 755 |
| 4 | 23,086 | 1,131 | 792 |
| 5 | 24,218 | 1,187 | 831 |
| 6 | 25,404 | 1,245 | 871 |
| 7 | 26,649 | 1,306 | 914 |
| 8 | 27,955 | 1,370 | 959 |
| 9 | 29,325 | 1,437 | 1,006 |
| 10 | 30,762 | 1,507 | 1,055 |
| TOTAL: | $12,269 | $8,588 |
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.
| Date | APY |
|---|---|
| February 1, 2024 | 4.90% |
| November 17, 2023 | 5.00% |
| November 17, 2023 | 5.25% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
||||
Customer Reviews for First Foundation Bank
james
November 18, 2023 |
bank delayed 1-2days to credit into your account, pay less interest.
Is this review helpful? Yes:0 / No: 0
AG
September 26, 2023
Update 9-26-23
I have now used them for several days, and it gets better and better and better. They have every single thing I ever wished for in a bank and then some: Savings with fantastic rates, checking with a perfect bill paying app, easy app for depositing checks, various methods of verification so if for some reason you cannot receive texts or calls you can still get in safely but without spending hours. On top of which, when I called customer service on three different occasions I got someone almost immediately and they extremely pleasantly and efficiently answered my questions.
I think I died and went to heaven. WOW!!!
Original review:
I am ditching Capital One 360 for making my life a living hell over the last month when I tried two very simple tweaks to my account.
Searching for banks online, I found I could get a much better return than theirs as well. First Foundation Bank had all the functionalities I wanted, a savings account with a terrific interest rate, a checking account with bill paying, and the ability to operate without a mobile, if so desired.
So I decided that it would be worth the lengthy application and approval process described in some reviews. Imagine my surprise when I opened two accounts plus added a joint holder and my church as a beneficiary (the two things I tried to accomplish with Capital One to the point of going insane) in exactly three minutes! WOW!!!!
What a joy!
Is this review helpful? Yes:0 / No: 0
Jenin, GA
October 17, 2022 |
I opened the account without reading the reviews and I am glad I did. No troubles and they just raised their rate so it is on top of this list!
Is this review helpful? Yes:2 / No: 1
RRSantis
July 15, 2022 |
I received an email today that the transfer limits are now $100k per transfer, that transfers will take 3 days, and that the limit resets as soon as it settles after 3 days, and that thereafter it is $250k per month. Perhaps this will alleviate the stress that I and others on this board have had with First Foundation. Prior policy and interactions about ridiculously low limits were exasperating and I can still only give it 2 stars based on CSR to date.
Is this review helpful? Yes:1 / No: 0
Py5790
May 26, 2022 |
A good online experience, but external transfer limits are troubling. Pay attention to these and I certainly couldn't get them waived. At $10k a month, it will take me 25 months + plus to wind down an account at $250K.
Is this review helpful? Yes:2 / No: 0
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