Compound Interest Calculator
CD 1-year Account from TEXAS PEOPLE with 3.99% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from TEXAS PEOPLE with 3.99% APY and $1,000 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 $29,576. The interest earned would be $9,576 and the tax amount on the interest earned would be approximately $2,873.

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 TEXAS PEOPLE

Savings Boost of
$5,908 over 10 years
Cash Savings $20,000
Average Interest Earned $795

 
TEXAS PEOPLE Interest Earned $6,704

 

 

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:
0.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 111 78
2 20,111 111 78
3 20,222 112 78
4 20,334 113 79
5 20,447 113 79
6 20,560 114 80
7 20,674 115 80
8 20,789 115 81
9 20,904 116 81
10 21,020 116 82
TOTAL: $1,136 $795

TEXAS PEOPLE Scenario

Rate:
3.99%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 798 559
2 20,798 830 581
3 21,628 863 604
4 22,491 897 628
5 23,388 933 653
6 24,321 970 679
7 25,292 1,009 706
8 26,301 1,049 735
9 27,350 1,091 764
10 28,442 1,135 794
TOTAL: $9,576 $6,704

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 12, 2023 3.99%


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