Compound Interest Calculator
CD 2-year Account from GEORGIA'S OWN with 2.97% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from GEORGIA'S OWN with 2.97% 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 $26,800. The interest earned would be $6,800 and the tax amount on the interest earned would be approximately $2,040.

Please note that this product is available in Georgia and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for GEORGIA'S OWN

Savings Boost of
$3,808 over 10 years
Cash Savings $20,000
Average Interest Earned $952

 
GEORGIA'S OWN Interest Earned $4,760

 

 

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 20,000 132 92
2 20,132 133 93
3 20,265 134 94
4 20,399 135 94
5 20,533 136 95
6 20,669 136 95
7 20,805 137 96
8 20,942 138 97
9 21,081 139 97
10 21,220 140 98
TOTAL: $1,360 $952

GEORGIA'S OWN Scenario

Rate:
2.97%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 594 416
2 20,594 612 428
3 21,206 630 441
4 21,835 649 454
5 22,484 668 467
6 23,152 688 481
7 23,839 708 496
8 24,547 729 510
9 25,276 751 525
10 26,027 773 541
TOTAL: $6,800 $4,760

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
August 20, 2023 2.97%


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