Compound Interest Calculator
CD 3-year Account from Mercantile Bank with 3.65% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 3-year Account from Mercantile Bank with 3.65% APY and $500 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 $28,624. The interest earned would be $8,624 and the tax amount on the interest earned would be approximately $2,587.

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 Mercantile Bank

Savings Boost of
$4,949 over 10 years
Cash Savings $20,000
Average Interest Earned $1,088

 
Mercantile Bank Interest Earned $6,036

 

 

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:
0.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 150 105
2 20,150 151 106
3 20,302 152 107
4 20,454 154 108
5 20,608 155 108
6 20,762 156 109
7 20,918 157 110
8 21,075 158 111
9 21,234 159 112
10 21,393 161 112
TOTAL: $1,554 $1,088

Mercantile Bank Scenario

Rate:
3.65%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 730 511
2 20,730 757 530
3 21,487 784 549
4 22,271 813 569
5 23,084 843 590
6 23,926 873 611
7 24,800 905 634
8 25,705 938 657
9 26,643 972 681
10 27,616 1,008 706
TOTAL: $8,624 $6,036

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 17, 2024 3.65%
August 26, 2024 4.00%
January 31, 2024 2.50%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.09% on October 17.
3 Month CD.

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.