Compound Interest Calculator
CD 2-year Account from Merrick Bank with 4.10% APY and $25,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from Merrick Bank with 4.10% APY and $25,000 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 $29,891. The interest earned would be $9,891 and the tax amount on the interest earned would be approximately $2,967.

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 Merrick Bank

Savings Boost of
$5,976 over 10 years
Cash Savings $20,000
Average Interest Earned $947

 
Merrick Bank Interest Earned $6,924

 

 

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:
0.66%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 131 92
2 20,131 132 93
3 20,264 133 93
4 20,397 134 94
5 20,531 135 94
6 20,666 136 95
7 20,801 137 96
8 20,938 138 96
9 21,076 138 97
10 21,214 139 98
TOTAL: $1,354 $947

Merrick Bank Scenario

Rate:
4.10%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 820 574
2 20,820 854 598
3 21,674 889 622
4 22,562 925 648
5 23,487 963 674
6 24,450 1,002 702
7 25,453 1,044 730
8 26,496 1,086 760
9 27,583 1,131 792
10 28,714 1,177 824
TOTAL: $9,891 $6,924

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
August 29, 2024 4.10%
January 19, 2024 4.40%
January 9, 2024 4.45%
January 5, 2024 4.55%
December 29, 2023 4.70%
December 19, 2023 4.75%
December 12, 2023 4.97%
December 5, 2023 5.05%
November 10, 2023 5.10%
October 10, 2023 5.25%
August 20, 2023 5.15%


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Customer Reviews for Merrick Bank (3)


  • July 3, 2023 |

    CDs 12 Month Rates

    A 2% early withdrawal fee on a 1-year CD is almost equally insane as a 270 day one.

  • April 12, 2021 | | Replies 1

    Online CDs 12 Month Rates

    Frustrating. The initial application form is a breeze. Then the problems start. Many hoops to jump through.

    Senior Citizens -JSW | Oct 16, 2022

    I tried to open CD on 10/14/22. No success. I believed that I was connected to someone else, not a bank. I will contact Police/FBI to make sure who got my all personal data.


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