Compound Interest Calculator
CD 5-year Account from PEN AIR with 2.85% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from PEN AIR with 2.85% 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 $26,489. The interest earned would be $6,489 and the tax amount on the interest earned would be approximately $1,947.

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 PEN AIR

Savings Boost of
$3,203 over 10 years
Cash Savings $20,000
Average Interest Earned $1,340

 
PEN AIR Interest Earned $4,543

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 184 129
2 20,184 185 130
3 20,369 187 131
4 20,556 189 132
5 20,745 190 133
6 20,935 192 135
7 21,127 194 136
8 21,321 196 137
9 21,517 198 138
10 21,714 199 140
TOTAL: $1,914 $1,340

PEN AIR Scenario

Rate:
2.85%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 570 399
2 20,570 586 410
3 21,156 603 422
4 21,759 620 434
5 22,379 638 446
6 23,017 656 459
7 23,673 675 472
8 24,348 694 486
9 25,042 714 500
10 25,755 734 514
TOTAL: $6,489 $4,543

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 2.85%
August 31, 2024 2.75%
July 10, 2024 2.95%
March 5, 2024 3.05%
August 20, 2023 2.85%


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