Compound Interest Calculator
CD 1-year Account from Phelps County Bank with 3.89% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from Phelps County Bank with 3.89% 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 $29,293. The interest earned would be $9,293 and the tax amount on the interest earned would be approximately $2,788.

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 Phelps County Bank

Savings Boost of
$5,710 over 10 years
Cash Savings $20,000
Average Interest Earned $795

 
Phelps County Bank Interest Earned $6,505

 

 

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

Phelps County Bank Scenario

Rate:
3.89%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 778 545
2 20,778 808 566
3 21,586 840 588
4 22,426 872 611
5 23,298 906 634
6 24,205 942 659
7 25,146 978 685
8 26,124 1,016 711
9 27,141 1,056 739
10 28,196 1,097 768
TOTAL: $9,293 $6,505

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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
November 4, 2024 3.89%
October 7, 2024 4.30%
May 6, 2024 4.83%
February 13, 2024 4.06%
January 2, 2024 3.80%
November 24, 2023 1.00%


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