Compound Interest Calculator
CD 5-year Account from MINNCO with 1.20% APY and $100,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from MINNCO with 1.20% APY and $100,000 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 $22,534. The interest earned would be $2,534 and the tax amount on the interest earned would be approximately $760.

Please note that this product is available in Minnesota and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for MINNCO

Savings Boost of
$439 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
MINNCO Interest Earned $1,774

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

MINNCO Scenario

Rate:
1.20%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 240 168
2 20,240 243 170
3 20,483 246 172
4 20,729 249 174
5 20,977 252 176
6 21,229 255 178
7 21,484 258 180
8 21,742 261 183
9 22,003 264 185
10 22,267 267 187
TOTAL: $2,534 $1,774

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.



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Customer Reviews for Minnco


  • October 27, 2021

    Incompetent and I am annoyed! I financed an ATV thru Minnco. A year into the loan. I started to receive threading letters to prove I had insurance. Which I had from Progressive since day 1. After 3 calls trying to send policy information….That wasn’t good enough. I saw on my account a charge for “their” insurance . I called an questioned why they didn’t get a hold of Progressive like they said they would. And I quote “ we have tried and tried and can not reach anyone at Progressive” I am completely enraged. I called Progressive within 3 minutes!! I had merged Minnco and Progressive on the phone!! There was simple digits errors on the vin#. What took Minnco over a year…. I handled in 3 minutes!

    This appears to be a Minnco money grab to me.

    Real simple watch your statements. Corporate money grab!

  • October 27, 2021

    Incompetent and I am annoyed! I financed an ATV thru Minnco. A year into the loan. I started to receive threading letters to prove I had insurance. Which I had from Progressive since day 1. After 3 calls trying to send policy information….That wasn’t good enough. I saw on my account a charge for “their” insurance . I called an questioned why they didn’t get a hold of Progressive like they said they would. And I quote “ we have tried and tried and can not reach anyone at Progressive” I am completely enraged. I called Progressive within 3 minutes!! I had merged Minnco and Progressive on the phone!! There was simple digits errors on the vin#. What took Minnco over a year…. I handled in 3 minutes!

    This appears to be a Minnco money grab to me.

    Real simple watch your statements. Corporate money grab!


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