The product Money Market Account from First Savings Bank with 0.05% 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 $20,100. The interest earned would be $100 and the tax amount on the interest earned would be approximately $30.
Please note that this product is available in Indiana 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: 0.05% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 10 | 7 |
| 2 | 20,010 | 10 | 7 |
| 3 | 20,020 | 10 | 7 |
| 4 | 20,030 | 10 | 7 |
| 5 | 20,040 | 10 | 7 |
| 6 | 20,050 | 10 | 7 |
| 7 | 20,060 | 10 | 7 |
| 8 | 20,070 | 10 | 7 |
| 9 | 20,080 | 10 | 7 |
| 10 | 20,090 | 10 | 7 |
| TOTAL: | $100 | $70 |
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 Savings Bank
William Read
April 1, 2020 |
We had a terrible experience with Extreme Loan we were refinancing our home on home on March 6, 2020. We were told that we would be locked in at 3% with no closing costs or points. My mortgage representative, Ray, didn't lock in the loan and instead put me on a float. This is known as a bait and switch tactic. I received a call from Marla, on March 30 that the loan increased to 3.250 with additional fees and points at $7000. I talked with the branch manager, Ryan, and he said that he couldn't do any better. In 36 years of senior management, I have never seen such a poorly run office in MI. They claim to be extremely honest, fast, and easy. I'm sure that I'm not going to hear from First Savings bank to discuss this matter. I recommended my neighbor to use them and she had the same experience, the bait and switch. Ryan, doesn't seem to care about customers or customer service and thus forgets where his income stems from. To him companies come first as opposed to the customer and I can't believe that he won't honor the deal made on March 6, 2020. Overall I would rate my experience and the company as very poor.
Is this review helpful? Yes:7 / No: 2
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