Compound Interest Calculator
CD 5-year Account from MCCOY with 2.99% APY and $5,000 minimum deposit

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The product CD 5-year Account from MCCOY with 2.99% 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 $26,852. The interest earned would be $6,852 and the tax amount on the interest earned would be approximately $2,056.

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
$3,458 over 10 years

Cash Savings $20,000

Average Interest Earned $1,338

MCCOY Interest Earned $4,797

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: 2.99%	Annual Interest	Annual Interest (After Tax)
1	20,000	598	419
2	20,598	616	431
3	21,214	634	444
4	21,848	653	457
5	22,501	673	471
6	23,174	693	485
7	23,867	714	500
8	24,581	735	514
9	25,316	757	530
10	26,073	780	546
	TOTAL:	$6,852	$4,797

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	2.99%

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Compound Interest Calculator CD 5-year Account from MCCOY with 2.99% APY and $5,000 minimum deposit