The product Savings Account from Jenius Bank, a division of Sumitomo Mitsui Bank with 4.50% APY and $0 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 $31,059. The interest earned would be $11,059 and the tax amount on the interest earned would be approximately $3,318.
Please note that 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: 0.23% |
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 |
| Rate: 4.50% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 900 | 630 |
| 2 | 20,900 | 941 | 658 |
| 3 | 21,841 | 983 | 688 |
| 4 | 22,823 | 1,027 | 719 |
| 5 | 23,850 | 1,073 | 751 |
| 6 | 24,924 | 1,122 | 785 |
| 7 | 26,045 | 1,172 | 820 |
| 8 | 27,217 | 1,225 | 857 |
| 9 | 28,442 | 1,280 | 896 |
| 10 | 29,722 | 1,337 | 936 |
| TOTAL: | $11,059 | $7,742 |
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.
| Date | APY |
|---|---|
| January 9, 2025 | 4.50% |
| October 17, 2024 | 4.80% |
| September 18, 2024 | 5.05% |
| February 13, 2024 | 5.25% |
| December 27, 2023 | 5.10% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.60% |
$1,000 |
Learn More | |
|
Last change: ↓0.50% on October 1, 2024. |
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|
|
4.55% |
$50,000 |
Learn More | |
|
Last change: ↓0.10% on February 9. |
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|
|
4.55% |
$1,000 |
Learn More | |
|
Last change: ↓0.50% on October 1, 2024. |
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|
|
4.51% |
$25,000 |
Learn More | |
|
Last change: ↓0.10% on February 17. |
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|
|
4.50% |
$25,000 |
Learn More | |
|
Last change: ↓0.85% on August 7, 2024. |
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Customer Reviews for Jenius Bank, a division of Sumitomo Mitsui Bank
lrcbob
July 26, 2024 |
Multiple roadblocks trying to set up a savings account with Jenius Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and credits scores that have never been outside the 800s. I took my business elsewhere.
Is this review helpful? Yes:0 / No: 1
tjgarnett
March 2, 2024 |
Attracted to the rate, but not ready for prime time. I opened the account so they got all my personal info but I never funded.
Is this review helpful? Yes:1 / No: 1
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