Compound Interest Calculator
CD 5-year Account from MCCOY with 2.89% APY and $1,000 minimum deposit

Use or Change These Amounts and Rates

Cash Savings

Product:

Average Rate (%):

MCCOY Rate (%):

Compound Interest Period:

Tax Rate:

Please leave this field blank

The product CD 5-year Account from MCCOY with 2.89% 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 $26,587. The interest earned would be $6,587 and the tax amount on the interest earned would be approximately $1,976.

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 MCCOY

Savings Boost of
$3,273 over 10 years

Cash Savings $20,000

Average Interest Earned $1,338

MCCOY Interest Earned $4,611

Compare

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: 0.92%	Annual Interest	Annual Interest (After Tax)
1	20,000	183	128
2	20,183	185	130
3	20,368	187	131
4	20,555	188	132
5	20,744	190	133
6	20,934	192	134
7	21,126	194	136
8	21,320	196	137
9	21,515	197	138
10	21,712	199	139
	TOTAL:	$1,912	$1,338

MCCOY Scenario

	Rate: 2.89%	Annual Interest	Annual Interest (After Tax)
1	20,000	578	404
2	20,578	594	416
3	21,172	611	428
4	21,783	629	440
5	22,412	647	453
6	23,060	666	466
7	23,726	685	480
8	24,411	705	493
9	25,116	725	508
10	25,841	746	522
	TOTAL:	$6,587	$4,611

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
September 29, 2023	2.89%

Featured CD Rates

ONLINE BANKS	APY^?	MIN^?
Brilliant Bank, a division of Equity Bank	4.60%	$1,000	Learn More
Last change: ↓0.50% on October 1, 2024.
My e-Banc, a division of Bradesco BAC Florida Bank	4.55%	$50,000	Learn More
Last change: ↓0.10% on February 9. 6 Month Jumbo CD.
Brilliant Bank, a division of Equity Bank	4.55%	$1,000	Learn More
Last change: ↓0.50% on October 1, 2024.
TotalDirect, a division of City National Bank of Florida	4.51%	$25,000	Learn More
Last change: ↓0.10% on February 17. 3 Month CD.
ableBanking, a division of Northeast Bank	4.50%	$500	Learn More
Last change: ↑0.20% on January 18.

Compound Interest Calculator CD 5-year Account from MCCOY with 2.89% APY and $1,000 minimum deposit