Compound Interest Calculator
CD 5-year Account from Mechanics Bank with 0.75% APY and $100,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from Mechanics Bank with 0.75% APY and $100,000 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 $21,552. The interest earned would be $1,552 and the tax amount on the interest earned would be approximately $465.

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
$-249 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
Mechanics Bank Interest Earned $1,086

 

 

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 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

Mechanics Bank Scenario

Rate:
0.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 150 105
2 20,150 151 106
3 20,301 152 107
4 20,453 153 107
5 20,607 155 108
6 20,761 156 109
7 20,917 157 110
8 21,074 158 111
9 21,232 159 111
10 21,391 160 112
TOTAL: $1,552 $1,086

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

ONLINE BANKS APY? MIN?

Last change: ↓0.09% on December 7.
6 Month Jumbo CD.

Last change: ↑0.25% on November 25.

Last change: ↑0.70% on December 7.

Last change: ↓0.05% on December 4.

Last change: ↓0.25% on December 23.



Customer Reviews for Mechanics Bank


  • 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.


Add Your Review


or use your BestCashCow account

or