Compound Interest Calculator
CD 13-month Account from SSB Bank with 5.06% APY and $500 minimum deposit

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The product CD 13-month Account from SSB Bank with 5.06% 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 $32,765. The interest earned would be $12,765 and the tax amount on the interest earned would be approximately $3,829.

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
$8,617 over 10 years

Cash Savings $20,000

Average Interest Earned $318

SSB Bank Interest Earned $8,935

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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: 0.23%	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

SSB Bank Scenario

	Rate: 5.06%	Annual Interest	Annual Interest (After Tax)
1	20,000	1,012	708
2	21,012	1,063	744
3	22,075	1,117	782
4	23,192	1,174	821
5	24,366	1,233	863
6	25,599	1,295	907
7	26,894	1,361	953
8	28,255	1,430	1,001
9	29,684	1,502	1,051
10	31,186	1,578	1,105
	TOTAL:	$12,765	$8,935

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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	5.06%
August 19, 2023	1.76%

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Compound Interest Calculator CD 13-month Account from SSB Bank with 5.06% APY and $500 minimum deposit