The product Money Market Account from Pioneer Bank with 0.01% APY and $2,500 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 $20,020. The interest earned would be $20 and the tax amount on the interest earned would be approximately $6.
Please note that this product is available in Virginia and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 32 |
| 2 | 20,045 | 45 | 32 |
| 3 | 20,091 | 45 | 32 |
| 4 | 20,136 | 46 | 32 |
| 5 | 20,181 | 46 | 32 |
| 6 | 20,227 | 46 | 32 |
| 7 | 20,273 | 46 | 32 |
| 8 | 20,319 | 46 | 32 |
| 9 | 20,364 | 46 | 32 |
| 10 | 20,410 | 46 | 32 |
| TOTAL: | $457 | $320 |
| Rate: 0.01% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 2 | 1 |
| 2 | 20,002 | 2 | 1 |
| 3 | 20,004 | 2 | 1 |
| 4 | 20,006 | 2 | 1 |
| 5 | 20,008 | 2 | 1 |
| 6 | 20,010 | 2 | 1 |
| 7 | 20,012 | 2 | 1 |
| 8 | 20,014 | 2 | 1 |
| 9 | 20,016 | 2 | 1 |
| 10 | 20,018 | 2 | 1 |
| TOTAL: | $20 | $14 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on October 28. |
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|
|
4.75% |
$1,500 |
Learn More | |
|
Last change: ↓0.25% on October 16. |
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Customer Reviews for Pioneer Bank
Charla M
January 12, 2021 |
We are a commercial customer that have been with Pioneer Bank since 2014 when they were privately held in Dripping Springs. Since they were sold we have been through 3 bank managers and the Manager service gets worse and worse. We have never been with a bank that now holds every deposit you make. This is insane and businesses cannot conduct business this way. The customer should not be punished and start all over every time a new bank manager comes in. We have a history as we have been there for over 7 years. We have also noticed that Pioneer holds credit card deposits an extra day. We are at more than one bank so we have compared the deposit time on credit card payments, Our credit card company has also heard this from other customers when we inquired about the time it was taking for the credit card payments to deposit at Pioneer. Needless to say accounts will be moving.
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