Compound Interest Calculator
Money Market Account from Somerset Savings Bank, SLA with 0.10% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from Somerset Savings Bank, SLA with 0.10% APY and $10,000 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 $20,201. The interest earned would be $201 and the tax amount on the interest earned would be approximately $60.

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
$-179 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Somerset Savings Bank, SLA Interest Earned $141

 

 

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 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Somerset Savings Bank, SLA Scenario

Rate:
0.10%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 20 14
2 20,020 20 14
3 20,040 20 14
4 20,060 20 14
5 20,080 20 14
6 20,100 20 14
7 20,120 20 14
8 20,140 20 14
9 20,161 20 14
10 20,181 20 14
TOTAL: $201 $141

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.



Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↓0.05% on September 27.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.



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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