Compound Interest Calculator
CD 1-year Account from PROVIDENT with 1.96% APY and $100,000 minimum deposit

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PROVIDENT Rate (%):

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The product CD 1-year Account from PROVIDENT with 1.96% APY and $100,000 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 $24,284. The interest earned would be $4,284 and the tax amount on the interest earned would be approximately $1,285.

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 PROVIDENT

Savings Boost of
$2,204 over 10 years

Cash Savings $20,000

Average Interest Earned $795

PROVIDENT Interest Earned $2,999

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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

PROVIDENT Scenario

	Rate: 1.96%	Annual Interest	Annual Interest (After Tax)
1	20,000	392	274
2	20,392	400	280
3	20,792	408	285
4	21,199	416	291
5	21,615	424	297
6	22,038	432	302
7	22,470	440	308
8	22,911	449	314
9	23,360	458	320
10	23,818	467	327
	TOTAL:	$4,284	$2,999

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
August 20, 2023	1.96%

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Compound Interest Calculator CD 1-year Account from PROVIDENT with 1.96% APY and $100,000 minimum deposit