Compound Interest Calculator
CD 7-month Account from Skowhegan Savings Bank with 3.92% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 7-month Account from Skowhegan Savings Bank with 3.92% 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 $29,378. The interest earned would be $9,378 and the tax amount on the interest earned would be approximately $2,813.

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 Skowhegan Savings Bank

Savings Boost of
$6,246 over 10 years
Cash Savings $20,000
Average Interest Earned $318

 
Skowhegan Savings Bank Interest Earned $6,565

 

 

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:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,090 45 32
4 20,135 45 32
5 20,181 45 32
6 20,226 46 32
7 20,272 46 32
8 20,317 46 32
9 20,363 46 32
10 20,409 46 32
TOTAL: $455 $318

Skowhegan Savings Bank Scenario

Rate:
3.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 784 549
2 20,784 815 570
3 21,599 847 593
4 22,445 880 616
5 23,325 914 640
6 24,240 950 665
7 25,190 987 691
8 26,177 1,026 718
9 27,203 1,066 746
10 28,270 1,108 776
TOTAL: $9,378 $6,565

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
December 25, 2024 3.92%
October 17, 2024 4.24%
January 30, 2024 4.60%
December 29, 2023 4.86%
August 19, 2023 5.13%


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