Compound Interest Calculator
CD 3-year Account from Gateway First Bank with 3.10% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 3-year Account from Gateway First Bank with 3.10% 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 $27,140. The interest earned would be $7,140 and the tax amount on the interest earned would be approximately $2,142.

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 Gateway First Bank

Savings Boost of
$3,912 over 10 years
Cash Savings $20,000
Average Interest Earned $1,086

 
Gateway First Bank Interest Earned $4,998

 

 

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:
0.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 150 105
2 20,150 151 106
3 20,301 152 107
4 20,453 153 107
5 20,607 155 108
6 20,761 156 109
7 20,917 157 110
8 21,074 158 111
9 21,232 159 111
10 21,391 160 112
TOTAL: $1,552 $1,086

Gateway First Bank Scenario

Rate:
3.10%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 620 434
2 20,620 639 447
3 21,259 659 461
4 21,918 679 476
5 22,598 701 490
6 23,298 722 506
7 24,020 745 521
8 24,765 768 537
9 25,533 792 554
10 26,324 816 571
TOTAL: $7,140 $4,998

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
July 31, 2024 3.10%


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Customer Reviews for Gateway First Bank


  • June 25, 2020

    Online CDs 12 Month Rates

    Ok, GFB's site a bit more compliant today. Unfortunately the rate posted here is not current. 1.05% and look at that minimum!

  • June 17, 2020

    Online Savings Rates

    Perhaps someone would enlighten me, this product seems to be unavailable -?- GFB does list an interest rate for a savings account but offers no opportunity to open such.

  • April 27, 2020 |

    Online CDs 12 Month Rates

    I was very impressed with the safety when setting up my CD.


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