Compound Interest Calculator
CD 9-month Account from Forbright Bank with 4.25% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 9-month Account from Forbright Bank with 4.25% 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 $30,324. The interest earned would be $10,324 and the tax amount on the interest earned would be approximately $3,097.

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
$6,907 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Forbright Bank Interest Earned $7,227

 

 

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 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Forbright Bank Scenario

Rate:
4.25%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 850 595
2 20,850 886 620
3 21,736 924 647
4 22,660 963 674
5 23,623 1,004 703
6 24,627 1,047 733
7 25,674 1,091 764
8 26,765 1,137 796
9 27,902 1,186 830
10 29,088 1,236 865
TOTAL: $10,324 $7,227

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 4.25%
August 9, 2024 4.50%
July 25, 2024 4.75%
January 25, 2024 5.30%
January 12, 2024 5.45%
December 19, 2023 5.60%
October 16, 2023 5.75%


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

Last change: ↓0.25% on October 16.



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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