The product Money Market Account from Merchants Bank of Indiana with 4.75% 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 $31,810. The interest earned would be $11,810 and the tax amount on the interest earned would be approximately $3,543.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 32 |
| 2 | 20,045 | 45 | 32 |
| 3 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,181 | 45 | 32 |
| 6 | 20,226 | 46 | 32 |
| 7 | 20,272 | 46 | 32 |
| 8 | 20,317 | 46 | 32 |
| 9 | 20,363 | 46 | 32 |
| 10 | 20,409 | 46 | 32 |
| TOTAL: | $455 | $318 |
| Rate: 4.75% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 950 | 665 |
| 2 | 20,950 | 995 | 697 |
| 3 | 21,945 | 1,042 | 730 |
| 4 | 22,988 | 1,092 | 764 |
| 5 | 24,079 | 1,144 | 801 |
| 6 | 25,223 | 1,198 | 839 |
| 7 | 26,421 | 1,255 | 879 |
| 8 | 27,676 | 1,315 | 920 |
| 9 | 28,991 | 1,377 | 964 |
| 10 | 30,368 | 1,442 | 1,010 |
| TOTAL: | $11,810 | $8,267 |
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.
| Date | APY |
|---|---|
| September 22, 2024 | 4.75% |
| August 20, 2023 | 5.00% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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Customer Reviews for Merchants Bank of Indiana
65JimmyJay
December 12, 2022 |
Developed buyers remorse after they stopped raising the rate and switched to Brilliant.
Is this review helpful? Yes:0 / No: 2
JulieB
August 3, 2022 |
No ACH processing, what is this the 1960's? No customer service team, just one person.
Is this review helpful? Yes:2 / No: 0
BorninRichmond
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).
Is this review helpful? Yes:3 / No: 0
Frank
July 29, 2022 |
Same here, if you apply 3 times your out, the worst experince in 20 years, good luck folks!
Is this review helpful? Yes:3 / No: 0
uga
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...........
Is this review helpful? Yes:2 / No: 0
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