The product CD 3-year Account from Thumb Bank and Trust with 0.25% 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 $20,506. The interest earned would be $506 and the tax amount on the interest earned would be approximately $152.
Please note that this product is available in Michigan 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: 0.75% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 150 | 105 |
| 2 | 20,150 | 151 | 106 |
| 3 | 20,302 | 152 | 107 |
| 4 | 20,454 | 154 | 108 |
| 5 | 20,608 | 155 | 108 |
| 6 | 20,762 | 156 | 109 |
| 7 | 20,918 | 157 | 110 |
| 8 | 21,075 | 158 | 111 |
| 9 | 21,234 | 159 | 112 |
| 10 | 21,393 | 161 | 112 |
| TOTAL: | $1,554 | $1,088 |
| Rate: 0.25% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 50 | 35 |
| 2 | 20,050 | 50 | 35 |
| 3 | 20,100 | 50 | 35 |
| 4 | 20,150 | 50 | 35 |
| 5 | 20,201 | 51 | 35 |
| 6 | 20,251 | 51 | 35 |
| 7 | 20,302 | 51 | 36 |
| 8 | 20,353 | 51 | 36 |
| 9 | 20,404 | 51 | 36 |
| 10 | 20,455 | 51 | 36 |
| TOTAL: | $506 | $354 |
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? | ||
|---|---|---|---|---|
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
||||
|
|
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. |
||||
|
|
4.65% |
$1,500 |
Learn More | |
|
Last change: ↓0.05% on December 4. |
||||
Customer Reviews for Thumb Bank and Trust
J Geiger
June 14, 2022
Compliance officer possibly the rudest person ive every spoken with. Polices changing constantly. One week they do what you need the next week they wont. Complete mess. Not the old Thumb National rude and unhelpful, should be there saying. Should clean house or give some training for customer service. If i could give a -1 it wouldnt be low enough. STAY CLEAN OF THIS BANK! HORRIBLE SERVICE!
Is this review helpful? Yes:0 / No: 0
Add Your Review
or use your BestCashCow account