Compound Interest Calculator
Money Market Account from IncredibleBank with 3.00% APY and $250,000 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from IncredibleBank with 3.00% APY and $250,000 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 $26,878. The interest earned would be $6,878 and the tax amount on the interest earned would be approximately $2,063.

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 IncredibleBank

Savings Boost of
$4,495 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
IncredibleBank Interest Earned $4,815

 

 

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

IncredibleBank Scenario

Rate:
3.00%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 600 420
2 20,600 618 433
3 21,218 637 446
4 21,855 656 459
5 22,510 675 473
6 23,185 696 487
7 23,881 716 502
8 24,597 738 517
9 25,335 760 532
10 26,095 783 548
TOTAL: $6,878 $4,815

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
December 1, 2023 3.00%
August 20, 2023 2.50%


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: ↓0.05% on September 27.

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



Customer Reviews for IncredibleBank


  • May 21, 2021 |

    avoid this

  • April 29, 2021 |

    62 bps isn't so incredible if you need to go over FDIC limits with a B-rated bank to get it. The rate below that is 25 bps and then you still need $150,000.

  • April 25, 2021 |

    $300k is over FDIC limits for individuals. Do you accept joint accounts?

  • January 4, 2021 |

    The rate is 0.25% on balances under $300,000. Nobody in their right mind is going to go over $250,000 in this bank. Bestcashcow should remove it.

  • November 27, 2020 |

    I thought it was a good rate, but I am not going over FDIC limits in a bank I've never heard of.


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