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



Use or Change These Amounts and Rates

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
$2,287 over 10 years
Cash Savings $20,000
Average Interest Earned $795

 
PROVIDENT Interest Earned $3,083

 

 

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:
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

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 2.01%


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