Compound Interest Calculator
CD 5-year Account from SSB Bank with 2.77% APY and $500 minimum deposit

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The product CD 5-year Account from SSB Bank with 2.77% 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 $26,284. The interest earned would be $6,284 and the tax amount on the interest earned would be approximately $1,885.

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 SSB Bank

Savings Boost of
$3,061 over 10 years

Cash Savings $20,000

Average Interest Earned $1,338

SSB Bank Interest Earned $4,399

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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	130
3	20,368	187	131
4	20,555	188	132
5	20,744	190	133
6	20,934	192	134
7	21,126	194	136
8	21,320	196	137
9	21,515	197	138
10	21,712	199	139
	TOTAL:	$1,912	$1,338

SSB Bank Scenario

	Rate: 2.77%	Annual Interest	Annual Interest (After Tax)
1	20,000	554	388
2	20,554	569	399
3	21,123	585	410
4	21,708	601	421
5	22,310	618	433
6	22,928	635	445
7	23,563	653	457
8	24,216	671	470
9	24,886	689	483
10	25,576	708	496
	TOTAL:	$6,284	$4,399

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 5, 2023	2.77%
August 19, 2023	3.02%

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Compound Interest Calculator CD 5-year Account from SSB Bank with 2.77% APY and $500 minimum deposit