Compound Interest Calculator
CD 4-year Account from The Bank of Elk River with 0.95% APY and $200 minimum deposit

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The Bank of Elk River Rate (%):

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The product CD 4-year Account from The Bank of Elk River with 0.95% APY and $200 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 $21,992. The interest earned would be $1,992 and the tax amount on the interest earned would be approximately $598.

Please note that this product is available in Minnesota and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for The Bank of Elk River

Savings Boost of
$209 over 10 years

Cash Savings $20,000

Average Interest Earned $1,185

The Bank of Elk River Interest Earned $1,394

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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: 0.82%	Annual Interest	Annual Interest (After Tax)
1	20,000	163	114
2	20,163	165	115
3	20,328	166	116
4	20,494	167	117
5	20,661	169	118
6	20,829	170	119
7	20,999	171	120
8	21,171	173	121
9	21,344	174	122
10	21,518	176	123
	TOTAL:	$1,693	$1,185

The Bank of Elk River Scenario

	Rate: 0.95%	Annual Interest	Annual Interest (After Tax)
1	20,000	191	134
2	20,191	193	135
3	20,383	194	136
4	20,578	196	137
5	20,774	198	139
6	20,972	200	140
7	21,172	202	141
8	21,374	204	143
9	21,578	206	144
10	21,784	208	145
	TOTAL:	$1,992	$1,394

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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.

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Compound Interest Calculator CD 4-year Account from The Bank of Elk River with 0.95% APY and $200 minimum deposit