Compound Interest Calculator
CD 1-year Account from Paramount Bank with 4.75% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from Paramount Bank with 4.75% 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 $31,810. The interest earned would be $11,810 and the tax amount on the interest earned would be approximately $3,543.

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

The Results for Paramount Bank

Savings Boost of
$7,472 over 10 years
Cash Savings $20,000
Average Interest Earned $795

 
Paramount Bank Interest Earned $8,267

 

 

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:
0.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 111 78
2 20,111 111 78
3 20,222 112 78
4 20,334 113 79
5 20,447 113 79
6 20,560 114 80
7 20,674 115 80
8 20,789 115 81
9 20,904 116 81
10 21,020 116 82
TOTAL: $1,136 $795

Paramount Bank Scenario

Rate:
4.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 950 665
2 20,950 995 697
3 21,945 1,042 730
4 22,988 1,092 764
5 24,079 1,144 801
6 25,223 1,198 839
7 26,421 1,255 879
8 27,676 1,315 920
9 28,991 1,377 964
10 30,368 1,442 1,010
TOTAL: $11,810 $8,267

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
September 13, 2024 4.75%
August 31, 2024 1.75%
August 20, 2023 5.00%


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Customer Reviews for Paramount Bank (6)


  • April 20, 2023 |

    CDs 12 Month Rates

    This is a true blue community bank. When you call you get people that are able to take action and make decisions. Customer service is number 1. Works great for CDs. They have a nice stand alone building and are not in a strip mall.

  • February 16, 2022 |

    Horrible experience with Paramount Bank. Six months after establishing a Business Money Market Account with over $100,000, Paramount Bank decided to drop its interest rate from the promised .50% to .05% with no notice. I thought it must have been a typo when I first saw it on my statement, because I could not believe that any reputable bank could do such a thing to its customers, particularly a large depositor. When I asked why the change was made, the only answer I received was that it was a decision of the Board. Lousy customer service and absolutely no respect for its customers. Recommend that you stay away from this bank!

  • October 30, 2021 |

    The absolute most incompetent group of folks I’ve ever worked with... Tom Russo and his team are an embarrassment to the lending industry. The negligence and lack of attention they exhibit is truly disgusting. If I could give them a negative star rating, I would. Consumers beware, don’t waste your time!

  • January 10, 2021 |

    Online CDs 12 Month Rates

    The bank has it's headquarters in a strip mall so I will be happier earning a little less somewhere else.

  • December 31, 2020 | | Replies 1

    Online CDs 12 Month Rates

    I was about to open a CD account with $250,000 but now we have Josh Hawley and I think that there needs to be some repercussions for the people of Missouri for this. This bank is based in MO. I will take my business elsewhere. Sorry, but please elect better leaders next time.

    jjj999 | Apr 10, 2021

    Obviously you don't have 250k, or you wouldn't be dumb enough to invest it all in a cd.


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