Compound Interest Calculator
CD 2-year Account from New Market Bank with 0.29% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 2-year Account from New Market Bank with 0.29% 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 $20,588. The interest earned would be $588 and the tax amount on the interest earned would be approximately $176.

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 New Market Bank

Savings Boost of
$-538 over 10 years
Cash Savings $20,000
Average Interest Earned $949

 
New Market Bank Interest Earned $411

 

 

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 20,000 132 92
2 20,132 132 93
3 20,264 133 93
4 20,397 134 94
5 20,532 135 95
6 20,667 136 95
7 20,803 137 96
8 20,940 138 96
9 21,077 139 97
10 21,216 140 98
TOTAL: $1,356 $949

New Market Bank Scenario

Rate:
0.29%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 58 41
2 20,058 58 41
3 20,116 58 41
4 20,175 59 41
5 20,233 59 41
6 20,292 59 41
7 20,351 59 41
8 20,410 59 41
9 20,469 59 42
10 20,528 60 42
TOTAL: $588 $411

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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