Compound Interest Calculator
CD 5-year Account from Somerset Savings Bank, SLA with 0.75% APY and $100,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from Somerset Savings Bank, SLA with 0.75% 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 $21,552. The interest earned would be $1,552 and the tax amount on the interest earned would be approximately $465.

Please note that this product is available in New Jersey and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Somerset Savings Bank, SLA

Savings Boost of
$-249 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
Somerset Savings Bank, SLA Interest Earned $1,086

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

Somerset Savings Bank, SLA Scenario

Rate:
0.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 150 105
2 20,150 151 106
3 20,301 152 107
4 20,453 153 107
5 20,607 155 108
6 20,761 156 109
7 20,917 157 110
8 21,074 158 111
9 21,232 159 111
10 21,391 160 112
TOTAL: $1,552 $1,086

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.



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Customer Reviews for Somerset Regal Bank


  • January 11, 2020 |

    I tried to do a re-fi loan through this place. Total nightmare. They never sent the loan disclosure prior to the closing. Imagine my surprise at closing when my cash to closing number increased by almost $8000. On top of that, my customer service experience throughout the process was atrocious. Mortgage lending is highly competitive. Shop around to find not just the best rate, but someone who values your business and adheres to appropriate and legal business practices. I would recommend avoiding this lender at all costs.

  • July 11, 2016 |

    Very bad bank the one in Middlesex. Teller in 1st cubicle is very loud, rude, poor customer service. She talks loud that everyone can hear. She mistreated me 3 times. I am closing my account because of her.


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