The product CD 1-year Account from Live Oak Banking Company with 4.50% APY and $2,500 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 $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: 0.55% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 110 | 77 |
| 2 | 20,110 | 111 | 78 |
| 3 | 20,221 | 112 | 78 |
| 4 | 20,333 | 112 | 79 |
| 5 | 20,445 | 113 | 79 |
| 6 | 20,558 | 113 | 79 |
| 7 | 20,672 | 114 | 80 |
| 8 | 20,786 | 115 | 80 |
| 9 | 20,900 | 115 | 81 |
| 10 | 21,016 | 116 | 81 |
| TOTAL: | $1,132 | $792 |
| 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 |
|---|---|
| October 3, 2024 | 4.50% |
| August 16, 2024 | 4.90% |
| June 5, 2024 | 5.00% |
| March 6, 2024 | 5.20% |
| February 1, 2024 | 5.30% |
| December 23, 2023 | 5.40% |
| December 22, 2023 | 5.20% |
| December 21, 2023 | 5.40% |
| December 21, 2023 | 5.20% |
| September 26, 2023 | 5.20% |
| August 20, 2023 | 5.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
||||
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
||||
|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
||||
|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on October 28. |
||||
|
|
4.70% |
$500 |
Learn More | |
|
Last change: ↓0.50% on October 1. |
||||
Customer Reviews for Live Oak Banking Company
50Rc2
December 6, 2022 |
Customer service — unreliable, different CS person gets a different answer. LOB readily accepts your incoming funds, out going of funds the bank puts up a barrage of road blocks. A wire out, a letter FROM the institution funds are going to, verifying you, Docu- signs, encrypted letter to LOB with instructions. So if time/expediency are important that leaves the ACH process as the most expedient other option which can take days. So your linking bank accounts w trial deposits or revealing your institutions pass word for your account for what may be a one time transaction. Reach out to management — missing in action, no reply. My opinion/review of my experiences dealing with LOB, consider yourself forewarned.
Is this review helpful? Yes:0 / No: 0
leo
May 19, 2022 |
procedures arbitrary, after initial approval of application said photo of address verification did not include all 4 corners of page therefore application incomplete and no longer approved. Suspect this bank may develop new rules when it comes time to withdraw money. Waste of time and effort to get involved with them. 4 corner requirement was never presented during the application process.
Is this review helpful? Yes:2 / No: 1
Overall happy
March 23, 2022 |
But, not appreciating the constant emails offering $200 if I deposit another $25,000 when I am up against FDIC limits. I may take my business elsewhere as this is tantamount to shitting on your most loyal customers in order to get new lesser valued customers.
Is this review helpful? Yes:0 / No: 1
regular me
March 7, 2022 |
I am just a regular me who deposited a large sum in Live Oak a few years ago. I have been a happy customer and valuable one too. I do not appreciate the bonuses for new customers, having never gotten one or asked for one before. I also have an account with Marcus and they always extend the same opportunities to everyone. This regular me has not been made to feel that his patronage is valuable at all.
Is this review helpful? Yes:1 / No: 0
Regan Dave
November 13, 2021 |
Rate is not unattractive in this environment but I will wait until January or February and see where things are then.
Is this review helpful? Yes:0 / No: 1
Add Your Review
or use your BestCashCow account