The product Money Market Account from SUPERIOR CHOICE with 0.50% APY and $2,500 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 $21,023. The interest earned would be $1,023 and the tax amount on the interest earned would be approximately $307.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
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.
| 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 |
| Rate: 0.50% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 100 | 70 |
| 2 | 20,100 | 101 | 70 |
| 3 | 20,201 | 101 | 71 |
| 4 | 20,302 | 102 | 71 |
| 5 | 20,403 | 102 | 71 |
| 6 | 20,505 | 103 | 72 |
| 7 | 20,608 | 103 | 72 |
| 8 | 20,711 | 104 | 72 |
| 9 | 20,814 | 104 | 73 |
| 10 | 20,918 | 105 | 73 |
| TOTAL: | $1,023 | $716 |
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.
| Date | APY |
|---|---|
| August 20, 2023 | 0.50% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
||||
|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
||||
|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↓0.09% on December 7. |
||||
|
|
4.75% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on November 25. |
||||
|
|
4.70% |
$1,000 |
Learn More | |
|
Last change: ↑0.70% on December 7. |
||||
Customer Reviews for Superior Choice
prashant109
December 7, 2023 |
100% a Rogue Bank.
Wish I could give them a negative star.
Banks like superior choice CU are the example why Americans are behind on building better credit portfolio. They for some strange reasons are ignorant enough to harm their potential customers credit history for zero gain for themselves.
Here is my experience- i live in California found a high yield savings account that I was interested. Called their customer service for eligibility and was told getting ACC membership would let me become their customer which i purchased right away.
Filled an online form for bringing in 25k into the savings account I applied for. They got all my details including ssn like they take when you apply for a credit card.
They sent me an email and asked me ACC membership document, address proof document, driving license copy which I uploaded and sent them right away. And then sent me an email to come to their bank in Minnesota in person because they cannot approve me "virtually". These incompetents actually ran a hard inquiry while they always intended to decline me since I wasn't nearby their actual bank locations. Why can't they just specify that in eligibility criteria?
I would advice to stay far away from Superior choice credit Union.
Is this review helpful? Yes:1 / No: 0
Add Your Review
or use your BestCashCow account