Compound Interest Calculator
CD 2-year Account from First Utah Bank with 3.40% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from First Utah Bank with 3.40% APY and $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 $27,941. The interest earned would be $7,941 and the tax amount on the interest earned would be approximately $2,382.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for First Utah Bank

Savings Boost of
$4,611 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
First Utah Bank Interest Earned $5,558

 

 

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:
0.66%
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 Utah Bank Scenario

Rate:
3.40%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 680 476
2 20,680 703 492
3 21,383 727 509
4 22,110 752 526
5 22,862 777 544
6 23,639 804 563
7 24,443 831 582
8 25,274 859 602
9 26,133 889 622
10 27,022 919 643
TOTAL: $7,941 $5,558

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.


Recent Rate Changes



Date APY
November 18, 2024 3.40%
September 22, 2024 3.60%
January 30, 2024 3.95%
December 10, 2023 2.65%
December 10, 2023 1.00%


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