Compound Interest Calculator
CD 5-year Account from The Bank of Romney with 1.31% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 5-year Account from The Bank of Romney with 1.31% APY and $10,000 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 $22,780. The interest earned would be $2,780 and the tax amount on the interest earned would be approximately $834.

Please note that this product is available in West Virginia 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 Romney

Savings Boost of
$611 over 10 years
Cash Savings $20,000
Average Interest Earned $1,335

 
The Bank of Romney Interest Earned $1,946

 

 

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:
0.92%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 183 128
2 20,183 185 129
3 20,368 186 130
4 20,554 188 132
5 20,742 190 133
6 20,932 192 134
7 21,123 193 135
8 21,317 195 137
9 21,512 197 138
10 21,709 199 139
TOTAL: $1,907 $1,335

The Bank of Romney Scenario

Rate:
1.31%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 262 183
2 20,262 265 186
3 20,527 269 188
4 20,796 272 191
5 21,069 276 193
6 21,345 280 196
7 21,624 283 198
8 21,908 287 201
9 22,195 291 204
10 22,485 295 206
TOTAL: $2,780 $1,946

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.



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