The product Money Market Account from First Merchants Bank with 0.01% APY and $2,500 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 $20,020. The interest earned would be $20 and the tax amount on the interest earned would be approximately $6.
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.
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: 0.01% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 2 | 1 |
| 2 | 20,002 | 2 | 1 |
| 3 | 20,004 | 2 | 1 |
| 4 | 20,006 | 2 | 1 |
| 5 | 20,008 | 2 | 1 |
| 6 | 20,010 | 2 | 1 |
| 7 | 20,012 | 2 | 1 |
| 8 | 20,014 | 2 | 1 |
| 9 | 20,016 | 2 | 1 |
| 10 | 20,018 | 2 | 1 |
| TOTAL: | $20 | $14 |
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.
| 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. |
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Customer Reviews for First Merchants Bank
Squittyrules83
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!!!
Is this review helpful? Yes:0 / No: 0
Duped
January 2, 2020 |
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.
Is this review helpful? Yes:1 / No: 0
Dave
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.
Is this review helpful? Yes:1 / No: 0
Lerono
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.
Is this review helpful? Yes:2 / No: 0
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