The product CD 4-year Account from IDEAL with 1.31% APY and $100,000 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 $22,780. The interest earned would be $2,780 and the tax amount on the interest earned would be approximately $834.
Please note that this product is available in Minnesota and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| Rate: 0.81% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 163 | 114 |
| 2 | 20,163 | 164 | 115 |
| 3 | 20,327 | 165 | 116 |
| 4 | 20,492 | 167 | 117 |
| 5 | 20,658 | 168 | 118 |
| 6 | 20,826 | 169 | 119 |
| 7 | 20,996 | 171 | 119 |
| 8 | 21,166 | 172 | 120 |
| 9 | 21,338 | 173 | 121 |
| 10 | 21,512 | 175 | 122 |
| TOTAL: | $1,687 | $1,181 |
| Rate: 1.31% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 262 | 183 |
| 2 | 20,262 | 265 | 186 |
| 3 | 20,527 | 269 | 188 |
| 4 | 20,796 | 272 | 191 |
| 5 | 21,069 | 276 | 193 |
| 6 | 21,345 | 280 | 196 |
| 7 | 21,624 | 283 | 198 |
| 8 | 21,908 | 287 | 201 |
| 9 | 22,195 | 291 | 204 |
| 10 | 22,485 | 295 | 206 |
| TOTAL: | $2,780 | $1,946 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↓0.09% on December 7. |
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|
|
4.75% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on November 25. |
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|
|
4.70% |
$1,000 |
Learn More | |
|
Last change: ↑0.70% on December 7. |
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Customer Reviews for Ideal
Linda Bryan
March 13, 2019 |
Ideal Credit Union is a local treasure. Although it is primarily made up of the old St. Paul Postal CU, it also subsumed the North St. Paul School District Employees' CU many years ago. It has generous eligibility options so don't feel that you have to be a postal worker to bank here. There are a string of branches now, generally in a line along the east side of the Twin Cities Metro Area.
One of its best features is that it offers "special" CDs that allow you to cash out before the due date without penalty. I have recently purchased two of these, the best rates around my area. If you compare its CD rates to local bank rates, you will want to join the Ideal CU immediately. They give away great free pens, have good employees, pretty good hours, and a good social conscience (a couple years ago, they collected money for the Puerto Rico hurricane, for example, and they have employee casual days that pay for charitable donations). This is a good institution, an example of the Upper Midwest history of creating cooperatives as an alternative to for-profit businesses.
Warning: if you want to take out an account or make some changes to your account, plan to spend some time at it. These guys are thorough and you need to take that into account. You can do a lot of the work on the phone, though.
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