Compound Interest Calculator
Money Market Account from SUMMIT with 3.10% APY and $1,000,000 minimum deposit

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The product Money Market Account from SUMMIT with 3.10% APY and $1,000,000 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 $27,140. The interest earned would be $7,140 and the tax amount on the interest earned would be approximately $2,142.

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 SUMMIT

Savings Boost of
$4,679 over 10 years

Cash Savings $20,000

Average Interest Earned $320

SUMMIT Interest Earned $4,998

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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	20,091	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

SUMMIT Scenario

	Rate: 3.10%	Annual Interest	Annual Interest (After Tax)
1	20,000	620	434
2	20,620	639	447
3	21,259	659	461
4	21,918	679	476
5	22,598	701	490
6	23,298	722	506
7	24,020	745	521
8	24,765	768	537
9	25,533	792	554
10	26,324	816	571
	TOTAL:	$7,140	$4,998

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
August 19, 2023	3.10%

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Compound Interest Calculator Money Market Account from SUMMIT with 3.10% APY and $1,000,000 minimum deposit