The product Money Market Account from M.Y. SAFRA BANK, FSB with 4.80% APY and $5,000 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 $31,963. The interest earned would be $11,963 and the tax amount on the interest earned would be approximately $3,589.
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 | 20,090 | 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 |
| Rate: 4.80% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 960 | 672 |
| 2 | 20,960 | 1,006 | 704 |
| 3 | 21,966 | 1,054 | 738 |
| 4 | 23,020 | 1,105 | 773 |
| 5 | 24,125 | 1,158 | 811 |
| 6 | 25,283 | 1,214 | 850 |
| 7 | 26,497 | 1,272 | 890 |
| 8 | 27,769 | 1,333 | 933 |
| 9 | 29,102 | 1,397 | 978 |
| 10 | 30,499 | 1,464 | 1,025 |
| TOTAL: | $11,963 | $8,374 |
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 |
|---|---|
| September 20, 2024 | 5.00% |
| August 17, 2024 | 5.25% |
| August 16, 2024 | 2.51% |
| March 29, 2024 | 4.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
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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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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Customer Reviews for M.Y. Safra Bank (6)
Richard
July 1, 2022 |
Very easy opening process and wonderful staff.
Is this review helpful? Yes:3 / No: 0
Baker
June 14, 2022 |
Easy account opening and great competitive rate.
Is this review helpful? Yes:5 / No: 0
jase
October 18, 2018 | | Replies 1
Does anyone know the penalty for early withdrawl on the 3-year? It doesn't say on the website and their cSp didn't know.
Is this review helpful? Yes:6 / No: 2
Normer | Oct 24, 2018
The penalty will be an amount equal to the greater of credited or 90 days interest. I take it to mean if you had less than 90 days, you still owe 90days interest, if longer could owe all the interest.
Joey C
January 18, 2018 | | Replies 1
I keep seeing this bank appearing at the top of the tables. I am intrigued. Wish someone would review it. Silly name but interesting rates.
Is this review helpful? Yes:7 / No: 1
Tiggy | Jan 18, 2018
https://www.depositaccounts.com/banks/my-safra-bank-fsb.html
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