The product Money Market Account from The Citizens National Bank of Somerset with 0.05% APY and $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 $20,100. The interest earned would be $100 and the tax amount on the interest earned would be approximately $30.
Please note that this product is available in Kentucky and 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 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,181 | 45 | 32 |
| 6 | 20,226 | 46 | 32 |
| 7 | 20,272 | 46 | 32 |
| 8 | 20,317 | 46 | 32 |
| 9 | 20,363 | 46 | 32 |
| 10 | 20,409 | 46 | 32 |
| TOTAL: | $455 | $318 |
| Rate: 0.05% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 10 | 7 |
| 2 | 20,010 | 10 | 7 |
| 3 | 20,020 | 10 | 7 |
| 4 | 20,030 | 10 | 7 |
| 5 | 20,040 | 10 | 7 |
| 6 | 20,050 | 10 | 7 |
| 7 | 20,060 | 10 | 7 |
| 8 | 20,070 | 10 | 7 |
| 9 | 20,080 | 10 | 7 |
| 10 | 20,090 | 10 | 7 |
| TOTAL: | $100 | $70 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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Customer Reviews for The Citizens National Bank of Somerset
preachjon@gmail.com
March 26, 2021
So my bank citizens national bank of Somerset ky. They have previously in the past deposited the wrong person's tax account into my account and taking it back out without my whereabouts which made my account overdraft. They never even called to let me know! They then allowed a check to be processed that I had to pay fees against to do to stop payment. They now deposited a fraud check about getting paid to drive with sticker on car I received in the mail. This check I brought to them for investigation and they told me the same day I brought it to them they contacted the bank it was from and confirmed it was fraud. They placed a 7-day hold on this check and told me if it was fake I would never see the money in my account. However I did see that money. They then decided to take the money away. They did not take it away once they took it away to twice making my account negatives again! If I had not been paying attention here they would have cheating me out of three grand. Now for some reason last night this funds from his fake check show up for the second time!!! I am not kidding folks and for the second time last night they took these funds back away from me who knows a good lawyer I could contact? This bank should allow me the funds at their expense and fire the employees involved for all the headache and confusion I've experienced with them. I was not trying to cheap them. I did not know if this fraud that check was real or fake That's the reason I brought it to them for investigation. They messed up and this investigation five times! This makes seven times total this bank has messed my account up! Please folks stay away from this bank! I have banked here over 13 years. If not for pending payments IE taxes and such awaiting this account it would be closed!
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