Compound Interest Calculator
CD 5-year Account from First Merchants Bank with 0.55% APY and $100,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from First Merchants Bank with 0.55% APY and $100,000 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 $21,128. The interest earned would be $1,128 and the tax amount on the interest earned would be approximately $338.

Please note that this product is available in Ohio 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 Merchants Bank

Savings Boost of
$-546 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
First Merchants Bank Interest Earned $789

 

 

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 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

First Merchants Bank Scenario

Rate:
0.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 110 77
2 20,110 111 77
3 20,221 111 78
4 20,332 112 78
5 20,444 112 79
6 20,556 113 79
7 20,669 114 80
8 20,783 114 80
9 20,897 115 80
10 21,012 116 81
TOTAL: $1,128 $789

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.



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Customer Reviews for First Merchants Bank


  • September 6, 2022

    DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for over 10 years and have had a myriad of different issues with them which I k ow get another bank but I'm already busy holding down two jobs that take up the majority of my time. Because of their hold I have not eaten in two days and am unable to pay my rent putting my housing in jeopardy. Currently contacting the EFTA as well as a lawyer to enter arbitration over this.

    I can't stress enough DO NOT TRUST THIS BANK!!!

  • January 2, 2020 |

    CDs 12 Month Rates

    Rates are not the actual rate. The actual rates are 1% or more lower. Bank says they "don't know why" that rate show up. I do - it's a bait and switch.

  • July 15, 2019 |

    Flossmoor, IL Bank Manager determined that the Durable Power of Attorney was no longer valid, with no contact with the Power of Attorney (with an explanation) whatsoever, working only with a co-signatory, who emptied the account.

  • November 17, 2017 |

    If only I could rate with zero stars, I would. They just took over a great local, community bank called iAB. I have had more problems with First Merchants in a month than I have had with banks ever.

    -First they had us verify our contact info, which we did. When the merger was complete, suddenly the contact info is wrong.

    -Second, if you want to use an app, good luck figuring out who gets the app as you can only have one app per account.

    -Third, you cannot us Chrome because there is a known glitch.

    -Customer service isn't great either.

    Time to find a better bank. Which could be any other bank in the country.

    I miss my friendly, local bank.


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