Compound Interest Calculator
CD 1-year Account from PROVIDENT with 2.01% APY and $50 minimum deposit

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PROVIDENT Rate (%):

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The product CD 1-year Account from PROVIDENT with 2.01% APY and $50 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 $24,404. The interest earned would be $4,404 and the tax amount on the interest earned would be approximately $1,321.

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
$2,290 over 10 years

Cash Savings $20,000

Average Interest Earned $792

PROVIDENT Interest Earned $3,083

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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	110	77
2	20,110	111	78
3	20,221	112	78
4	20,333	112	79
5	20,445	113	79
6	20,558	113	79
7	20,672	114	80
8	20,786	115	80
9	20,900	115	81
10	21,016	116	81
	TOTAL:	$1,132	$792

PROVIDENT Scenario

	Rate: 2.01%	Annual Interest	Annual Interest (After Tax)
1	20,000	402	281
2	20,402	410	287
3	20,812	418	293
4	21,230	427	299
5	21,657	435	305
6	22,092	444	311
7	22,537	453	317
8	22,989	462	323
9	23,452	471	330
10	23,923	481	337
	TOTAL:	$4,404	$3,083

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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
August 20, 2023	2.01%

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Compound Interest Calculator CD 1-year Account from PROVIDENT with 2.01% APY and $50 minimum deposit