Compound Interest Calculator
Money Market Account from Merchants Bank of Indiana with 4.50% APY and $50 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from Merchants Bank of Indiana with 4.50% APY and $50 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 $31,059. The interest earned would be $11,059 and the tax amount on the interest earned would be approximately $3,318.

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 Merchants Bank of Indiana

Savings Boost of
$7,422 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Merchants Bank of Indiana Interest Earned $7,742

 

 

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:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Merchants Bank of Indiana Scenario

Rate:
4.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 900 630
2 20,900 941 658
3 21,841 983 688
4 22,823 1,027 719
5 23,850 1,073 751
6 24,924 1,122 785
7 26,045 1,172 820
8 27,217 1,225 857
9 28,442 1,280 896
10 29,722 1,337 936
TOTAL: $11,059 $7,742

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 18, 2024 4.50%
September 22, 2024 4.75%
August 20, 2023 5.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

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

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for Merchants Bank of Indiana


  • December 12, 2022 |

    Developed buyers remorse after they stopped raising the rate and switched to Brilliant.

  • August 3, 2022 |

    No ACH processing, what is this the 1960's? No customer service team, just one person.

  • August 3, 2022 |

    Excellent bank. Marie is the "Nu Accounts" Coordinator and she is fantastic. She even wrote us a handwritten Thank You note after the account was opened. On the financial side, Merchants rates have adjusted competitively and immediately upon Fed rate hikes. I love working with this bank. (Yes, its true you cannot do EFT outbound, but the first order of checks are free or in our case we ordered High Security Checks from a 3rd party vendor unrelated to the bank).

  • July 29, 2022 |

    Same here, if you apply 3 times your out, the worst experince in 20 years, good luck folks!

  • July 29, 2022 |

    When applying I keep getting Application Denied, these folks are not ready for prime time. One person handles online banking bless her heart, she is getting overwhelmed...........


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