Compound Interest Calculator
CD 4-year Account from Florence Bank with 2.96% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 4-year Account from Florence Bank with 2.96% 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 $26,774. The interest earned would be $6,774 and the tax amount on the interest earned would be approximately $2,032.

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 Florence Bank

Savings Boost of
$3,561 over 10 years
Cash Savings $20,000
Average Interest Earned $1,181

 
Florence Bank Interest Earned $4,742

 

 

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:
0.81%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 163 114
2 20,163 164 115
3 20,327 165 116
4 20,492 167 117
5 20,658 168 118
6 20,826 169 119
7 20,996 171 119
8 21,166 172 120
9 21,338 173 121
10 21,512 175 122
TOTAL: $1,687 $1,181

Florence Bank Scenario

Rate:
2.96%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 592 414
2 20,592 610 427
3 21,202 628 439
4 21,829 646 452
5 22,475 665 466
6 23,140 685 479
7 23,825 705 494
8 24,531 726 508
9 25,257 748 523
10 26,004 770 539
TOTAL: $6,774 $4,742

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
September 22, 2024 2.96%
August 16, 2024 0.40%
March 19, 2024 0.35%
January 22, 2024 0.75%


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