Compound Interest Calculator
CD 2-year Account from First Palmetto Bank with 0.25% APY and $10,000 minimum deposit

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The product CD 2-year Account from First Palmetto Bank with 0.25% APY and $10,000 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 $20,506. The interest earned would be $506 and the tax amount on the interest earned would be approximately $152.

Please note that this product is available in South Carolina 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 Palmetto Bank

Savings Boost of
$-594 over 10 years

Cash Savings $20,000

Average Interest Earned $947

First Palmetto Bank Interest Earned $354

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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: 0.66%	Annual Interest	Annual Interest (After Tax)
1	20,000	131	92
2	20,131	132	93
3	20,264	133	93
4	20,397	134	94
5	20,531	135	94
6	20,666	136	95
7	20,801	137	96
8	20,938	138	96
9	21,076	138	97
10	21,214	139	98
	TOTAL:	$1,354	$947

First Palmetto Bank Scenario

	Rate: 0.25%	Annual Interest	Annual Interest (After Tax)
1	20,000	50	35
2	20,050	50	35
3	20,100	50	35
4	20,150	50	35
5	20,201	51	35
6	20,251	51	35
7	20,302	51	36
8	20,353	51	36
9	20,404	51	36
10	20,455	51	36
	TOTAL:	$506	$354

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 Palmetto Bank

Locked out

November 6, 2020 |

First Palmetto Bank lacks access to support representatives after hours. If you get locked out of your account just hope it happens during business hours.

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Compound Interest Calculator CD 2-year Account from First Palmetto Bank with 0.25% APY and $10,000 minimum deposit