Compound Interest Calculator
CD 3-month Account from Independent Bank with 4.07% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 3-month Account from Independent Bank with 4.07% APY and $1,000 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 $29,805. The interest earned would be $9,805 and the tax amount on the interest earned would be approximately $2,941.

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 Independent Bank

Savings Boost of
$6,545 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Independent Bank Interest Earned $6,863

 

 

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 20,090 45 32
4 20,135 45 32
5 20,181 45 32
6 20,226 46 32
7 20,272 46 32
8 20,317 46 32
9 20,363 46 32
10 20,409 46 32
TOTAL: $455 $318

Independent Bank Scenario

Rate:
4.07%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 814 570
2 20,814 847 593
3 21,661 882 617
4 22,543 917 642
5 23,460 955 668
6 24,415 994 696
7 25,409 1,034 724
8 26,443 1,076 753
9 27,519 1,120 784
10 28,639 1,166 816
TOTAL: $9,805 $6,863

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 16, 2024 4.07%
November 25, 2024 4.13%
November 18, 2024 4.14%
November 4, 2024 4.19%
October 14, 2024 4.24%
October 7, 2024 4.29%
September 30, 2024 4.45%
September 22, 2024 4.56%
August 31, 2024 4.66%
August 7, 2024 4.71%
May 27, 2024 4.92%
April 2, 2024 5.03%
March 1, 2024 4.97%
February 23, 2024 4.92%
February 2, 2024 4.87%
January 12, 2024 4.82%
January 5, 2024 4.85%
December 29, 2023 4.91%
December 13, 2023 5.01%
December 13, 2023 1.00%


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