Compound Interest Calculator
CD 5-year Account from Gateway First Bank with 2.90% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from Gateway First Bank with 2.90% 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 $26,619. The interest earned would be $6,619 and the tax amount on the interest earned would be approximately $1,986.

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
$3,298 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
Gateway First Bank Interest Earned $4,633

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

Gateway First Bank Scenario

Rate:
2.90%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 580 406
2 20,580 597 418
3 21,177 614 430
4 21,791 632 442
5 22,423 650 455
6 23,073 669 468
7 23,742 689 482
8 24,431 708 496
9 25,139 729 510
10 25,868 750 525
TOTAL: $6,619 $4,633

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 2.90%


Featured CD Rates

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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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