Compound Interest Calculator
CD 3-month Account from Merrick Bank with 4.55% APY and $25,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 3-month Account from Merrick Bank with 4.55% 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 $31,208. The interest earned would be $11,208 and the tax amount on the interest earned would be approximately $3,362.

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
$7,528 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Merrick Bank Interest Earned $7,846

 

 

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 20,090 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

Merrick Bank Scenario

Rate:
4.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 910 637
2 20,910 951 666
3 21,861 995 696
4 22,856 1,040 728
5 23,896 1,087 761
6 24,983 1,137 796
7 26,120 1,188 832
8 27,309 1,243 870
9 28,551 1,299 909
10 29,850 1,358 951
TOTAL: $11,208 $7,846

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
October 21, 2024 4.55%
October 14, 2024 4.45%
September 22, 2024 4.55%
September 13, 2024 5.00%
September 6, 2024 5.04%
September 2, 2024 5.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

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

Last change: ↑3.00% on August 7.

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

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.



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.


Add Your Review


or use your BestCashCow account

or