Compound Interest Calculator
CD 1-year Account from PROVIDENT with 2.11% APY and $500 minimum deposit

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The product CD 1-year Account from PROVIDENT with 2.11% APY and $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 $24,644. The interest earned would be $4,644 and the tax amount on the interest earned would be approximately $1,393.

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
$2,460 over 10 years

Cash Savings $20,000

Average Interest Earned $791

PROVIDENT Interest Earned $3,251

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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: 0.55%	Annual Interest	Annual Interest (After Tax)
1	20,000	110	77
2	20,110	111	78
3	20,221	111	78
4	20,332	112	78
5	20,444	113	79
6	20,557	113	79
7	20,670	114	80
8	20,784	115	80
9	20,899	115	81
10	21,014	116	81
	TOTAL:	$1,130	$791

PROVIDENT Scenario

	Rate: 2.11%	Annual Interest	Annual Interest (After Tax)
1	20,000	422	295
2	20,422	431	302
3	20,853	440	308
4	21,293	449	314
5	21,742	459	321
6	22,201	468	328
7	22,669	478	335
8	23,148	488	342
9	23,636	499	349
10	24,135	509	356
	TOTAL:	$4,644	$3,251

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	2.11%

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Compound Interest Calculator CD 1-year Account from PROVIDENT with 2.11% APY and $500 minimum deposit