Compound Interest Calculator
CD 3-year Account from Ponce Bank with 2.95% APY and $1,000 minimum deposit

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The product CD 3-year Account from Ponce Bank with 2.95% 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 $26,748. The interest earned would be $6,748 and the tax amount on the interest earned would be approximately $2,024.

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 Ponce Bank

Savings Boost of
$3,636 over 10 years

Cash Savings $20,000

Average Interest Earned $1,088

Ponce Bank Interest Earned $4,724

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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	20,302	152	107
4	20,454	154	108
5	20,608	155	108
6	20,762	156	109
7	20,918	157	110
8	21,075	158	111
9	21,234	159	112
10	21,393	161	112
	TOTAL:	$1,554	$1,088

Ponce Bank Scenario

	Rate: 2.95%	Annual Interest	Annual Interest (After Tax)
1	20,000	590	413
2	20,590	607	425
3	21,197	625	438
4	21,823	644	451
5	22,466	663	464
6	23,129	682	478
7	23,812	702	492
8	24,514	723	506
9	25,237	744	521
10	25,982	766	537
	TOTAL:	$6,748	$4,724

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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
October 28, 2024	2.95%
August 20, 2023	2.80%

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Compound Interest Calculator CD 3-year Account from Ponce Bank with 2.95% APY and $1,000 minimum deposit