Compound Interest Calculator
CD 6-month Account from Florence Bank with 1.49% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 6-month Account from Florence Bank with 1.49% 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 $23,188. The interest earned would be $3,188 and the tax amount on the interest earned would be approximately $956.

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
$1,913 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Florence Bank Interest Earned $2,232

 

 

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:
0.23%
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

Florence Bank Scenario

Rate:
1.49%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 298 209
2 20,298 302 212
3 20,600 307 215
4 20,907 312 218
5 21,219 316 221
6 21,535 321 225
7 21,856 326 228
8 22,182 331 231
9 22,512 335 235
10 22,848 340 238
TOTAL: $3,188 $2,232

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
January 22, 2024 1.49%


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