Compound Interest Calculator
CD 3-year Account from Paramount Bank with 2.50% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 3-year Account from Paramount Bank with 2.50% 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 $25,602. The interest earned would be $5,602 and the tax amount on the interest earned would be approximately $1,681.

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
$2,835 over 10 years
Cash Savings $20,000
Average Interest Earned $1,086

 
Paramount Bank Interest Earned $3,921

 

 

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:
0.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 150 105
2 20,150 151 106
3 20,301 152 107
4 20,453 153 107
5 20,607 155 108
6 20,761 156 109
7 20,917 157 110
8 21,074 158 111
9 21,232 159 111
10 21,391 160 112
TOTAL: $1,552 $1,086

Paramount Bank Scenario

Rate:
2.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 500 350
2 20,500 513 359
3 21,013 525 368
4 21,538 538 377
5 22,076 552 386
6 22,628 566 396
7 23,194 580 406
8 23,774 594 416
9 24,368 609 426
10 24,977 624 437
TOTAL: $5,602 $3,921

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 2.50%
August 31, 2024 2.55%
August 20, 2023 2.50%


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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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