Compound Interest Calculator
CD 7-month Account from MutualOne Bank with 5.40% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 7-month Account from MutualOne Bank with 5.40% APY and $500 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 $33,840. The interest earned would be $13,840 and the tax amount on the interest earned would be approximately $4,152.

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 MutualOne Bank

Savings Boost of
$9,370 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
MutualOne Bank Interest Earned $9,688

 

 

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

MutualOne Bank Scenario

Rate:
5.40%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,080 756
2 21,080 1,138 797
3 22,218 1,200 840
4 23,418 1,265 885
5 24,683 1,333 933
6 26,016 1,405 983
7 27,420 1,481 1,036
8 28,901 1,561 1,092
9 30,462 1,645 1,151
10 32,107 1,734 1,214
TOTAL: $13,840 $9,688

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 2, 2024 5.40%
April 19, 2024 5.65%
September 5, 2023 4.75%
August 20, 2023 4.50%


Featured CD Rates

ONLINE BANKS APY? MIN?

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

Last change: ↓0.09% on December 7.
6 Month Jumbo CD.

Last change: ↑0.25% on November 25.

Last change: ↑0.70% on December 7.

Last change: ↓0.05% on December 4.



Customer Reviews for MutualOne Bank


  • August 28, 2022

    CDs 6 Month Rates

    Rates are totally uncompetitive now.

  • March 25, 2021 |

    Online Savings Rates

    Completely excessive number of customer service phone calls after setting up account. Well meaning, but over the top.

  • February 15, 2021 |

    Online Savings Rates

    And, poof, just like that. After years of being competitive, they've dropped their MM rate from 0.70 to 0.45 in two weeks.

  • February 10, 2021 |

    I opened CDs with no issue, they didn't want to set me up for bank-to-bank transfer for a savings account. Someone called me several times and I would call back and get told they had everything. Not worth all the emails and phone calls.

  • February 10, 2021 |

    Online Savings Rates

    A little weak around the edges!


Add Your Review


or use your BestCashCow account

or