The product Money Market Account from First Reliance Bank with 0.12% 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 $20,241. The interest earned would be $241 and the tax amount on the interest earned would be approximately $72.
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.
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: 0.12% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 24 | 17 |
| 2 | 20,024 | 24 | 17 |
| 3 | 20,048 | 24 | 17 |
| 4 | 20,072 | 24 | 17 |
| 5 | 20,096 | 24 | 17 |
| 6 | 20,120 | 24 | 17 |
| 7 | 20,144 | 24 | 17 |
| 8 | 20,169 | 24 | 17 |
| 9 | 20,193 | 24 | 17 |
| 10 | 20,217 | 24 | 17 |
| TOTAL: | $241 | $169 |
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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|
|
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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|
|
4.90% |
$1,000 |
Learn More | |
|
Last change: ↓0.10% on October 1. |
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Customer Reviews for First Reliance Bank
Sandra
April 13, 2019
Shout out to the 2nd Loop branch. These people are the friendliest employees. I have so enjoyed doing business with them. They go way beyond their job descriptions to help you. AND I have never had to wait more than a few seconds at the windows for service. Kudos to these guys and gals for their service.
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