Compound Interest Calculator
CD 2-year Account from Forbright Bank with 3.50% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from Forbright Bank with 3.50% APY and $1,000 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 $28,212. The interest earned would be $8,212 and the tax amount on the interest earned would be approximately $2,464.

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 Forbright Bank

Savings Boost of
$4,801 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
Forbright Bank Interest Earned $5,748

 

 

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

Forbright Bank Scenario

Rate:
3.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 700 490
2 20,700 725 507
3 21,425 750 525
4 22,174 776 543
5 22,950 803 562
6 23,754 831 582
7 24,585 860 602
8 25,446 891 623
9 26,336 922 645
10 27,258 954 668
TOTAL: $8,212 $5,748

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 18, 2024 3.50%
August 9, 2024 3.75%
July 30, 2024 4.25%
July 25, 2024 4.00%
August 20, 2023 3.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for Forbright Bank


  • July 26, 2024 |

    Savings Rates

    Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and credits scores that have never been outside the 800s. I took my business elsewhere.

  • July 5, 2024 |

    Savings Rates

    I took out a substantial CD with Forbright, a small bank that tries hard. At the time, it was the highest rate around. The bank officer I dealt with most, Walid, knocked himself out to be helpful and get the job done.


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