Compound Interest Calculator
CD 1-year Account from Mechanics Bank with 0.15% APY and $10,000 minimum deposit
Use or Change These Amounts and Rates
The product CD 1-year Account from Mechanics Bank with 0.15% APY and $10,000 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 $20,302. The interest earned would be $302 and the tax amount on the interest earned would be approximately $91.
Please note that this product is available in California and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
The Results for Mechanics Bank
Savings Boost of
$-593 over 10 years
$-593 over 10 years
Cash Savings
$20,000
Average Interest Earned
$804
Mechanics Bank Interest Earned
$211
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: 0.56% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 112 | 78 |
| 2 | 20,112 | 113 | 79 |
| 3 | 20,225 | 113 | 79 |
| 4 | 20,338 | 114 | 80 |
| 5 | 20,452 | 115 | 80 |
| 6 | 20,566 | 115 | 81 |
| 7 | 20,681 | 116 | 81 |
| 8 | 20,797 | 116 | 82 |
| 9 | 20,914 | 117 | 82 |
| 10 | 21,031 | 118 | 82 |
| TOTAL: | $1,149 | $804 |
Mechanics Bank Scenario
| Rate: 0.15% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 30 | 21 |
| 2 | 20,030 | 30 | 21 |
| 3 | 20,060 | 30 | 21 |
| 4 | 20,090 | 30 | 21 |
| 5 | 20,120 | 30 | 21 |
| 6 | 20,150 | 30 | 21 |
| 7 | 20,181 | 30 | 21 |
| 8 | 20,211 | 30 | 21 |
| 9 | 20,241 | 30 | 21 |
| 10 | 20,272 | 30 | 21 |
| TOTAL: | $302 | $211 |
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.
Featured CD Rates
Advertiser Disclosure| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
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5.35% | $5,000 |
Learn More on the North American Savings Bank website |
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13-Month Online CD - Save for the things you want later. Easy online application. 12-Month |
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5.35% | $5,000 |
Learn More on the North American Savings Bank website |
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Save for the things you want later. Easy online application. 13-Month |
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5.25% | $5,000 |
Learn More on the North American Savings Bank website |
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7-Month CD Special - Save for the things you want later. Easy online application. 6-Month |
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5.25% | $5,000 |
Learn More on the North American Savings Bank, F.S.B. website |
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Save for the things you want later. Easy online application. 7-Month |
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|
|
6.00% |
$5,000 |
Learn More | |
|
5 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%. |
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Customer Reviews for Mechanics Bank
kristinalouise
December 6, 2018 |
I have to say, as a local business owner, I purposefully chose to work with a 'local business bank'. I moved my checking over when I incorporated and assumed that I would go to them when my needs increased. Well, sure enough, my needs increased (trying to open an office space in Downtown). I went to Mechanic's (of course!) and got directed to someone in finance where they informed me "not to bother submitting an application because they categorically do not work with real estate professionals". Oh, well excuse me. I am an entrepreneur who owns three businesses, I just happen to also be a (very productive) Realtor in town. They have access to all my financials (including a paid off credit card). Needless to say, I will not be doing business with a company that discriminates against me based on my PROFESSION (are you kidding me?). Shame on this bank for not evaluating BUSINESS OWNERS on financials, history, merit and deposit. What a damn shame. Maybe you should make sure they don't discriminate against whatever it is that you happen to do (they have a list, which she rattled off to me verbally) before you decide to bank with this institution.
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