Compound Interest Calculator
CD 6-month Account from My Savings Direct, a division of Emigrant Bank with 4.00% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 6-month Account from My Savings Direct, a division of Emigrant Bank with 4.00% APY and $1,000 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 $29,605. The interest earned would be $9,605 and the tax amount on the interest earned would be approximately $2,881.

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 My Savings Direct, a division of Emigrant Bank

Savings Boost of
$6,404 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
My Savings Direct, a division of Emigrant Bank Interest Earned $6,723

 

 

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 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

My Savings Direct, a division of Emigrant Bank Scenario

Rate:
4.00%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 800 560
2 20,800 832 582
3 21,632 865 606
4 22,497 900 630
5 23,397 936 655
6 24,333 973 681
7 25,306 1,012 709
8 26,319 1,053 737
9 27,371 1,095 766
10 28,466 1,139 797
TOTAL: $9,605 $6,723

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 5, 2024 4.00%
February 20, 2024 2.50%
August 20, 2023 1.50%


Featured CD Rates

ONLINE BANKS APY? MIN?

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

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

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.



Customer Reviews for My Savings Direct, a division of Emigrant Bank (25)


  • April 25, 2023 |

    Online Savings Rates

    with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately.

  • January 7, 2023 |

    They said would notify me in 2 business days about my savings application which had nothing wrong. 5 business days now and no response was given, not even an email.

  • January 7, 2023 |

    They said would notify me in 2 business days about my savings application which had nothing wrong. 5 business days now and no response was given, not even an email.

  • December 26, 2022 |

    Online Savings Rates

    I have had my saving direct,dollar savings direct and emigrant for many years. I have never had issues with bank to bank transfers, either in funding or with withdrawal s. You do need to keep on top of them for rate changes, but big deal. If they drop too low,just move your money. I closed emigrant since they are not competitive with the other two. You have to shop around for the best rates on CDs too. My checking account is still paying less than 1%!!

  • December 16, 2022 |

    Online Savings Rates

    I opened an account this morning when I saw the 4.35%. My bad. I had tried with Emigrant or Dollar Savings years ago and forgot that it is impossible to add funding accounts and they never accepted a Morgan Stanley account. The rate is still nice, and they don't play games with delaying deposits and setting caps on withdrawals like the other NY banks.


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