Compound Interest Calculator
CD 10-month Account from M1 Bank with 5.40% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 10-month Account from M1 Bank with 5.40% 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 $33,840. The interest earned would be $13,840 and the tax amount on the interest earned would be approximately $4,152.

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 M1 Bank

Savings Boost of
$9,370 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
M1 Bank Interest Earned $9,688

 

 

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

M1 Bank Scenario

Rate:
5.40%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,080 756
2 21,080 1,138 797
3 22,218 1,200 840
4 23,418 1,265 885
5 24,683 1,333 933
6 26,016 1,405 983
7 27,420 1,481 1,036
8 28,901 1,561 1,092
9 30,462 1,645 1,151
10 32,107 1,734 1,214
TOTAL: $13,840 $9,688

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
November 20, 2023 5.40%


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Customer Reviews for M1 Bank


  • December 15, 2022

    Great service great rates at the Des Peres location!

  • February 21, 2022

    Went to the Lake Ozark branch and made a large deposit into a high yielding account. They decided to cut the rate in half the following month. With no explanation decided they would just close the account….

  • April 5, 2021

    THIS IS NOT A BANK TO DO BUSINESS WITH!
    After making an appointment and driving to their location, the manager refused to see me. They told me I had to open the CD thru a tube without even seeing the person at the other end of the mike, and without getting a chance to read the terms and conditions before signing the contract and handing over the money. If the treatment is so rude and impersonal before opening an account, what can you expect after you hand over your life savings.


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