Compound Interest Calculator
CD 3-month Account from TOWER with 1.35% APY and $5,000 minimum deposit

Use or Change These Amounts and Rates

Cash Savings

Product:

Average Rate (%):

TOWER Rate (%):

Compound Interest Period:

Tax Rate:

Please leave this field blank

The product CD 3-month Account from TOWER with 1.35% APY and $5,000 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 $22,870. The interest earned would be $2,870 and the tax amount on the interest earned would be approximately $861.

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 TOWER

Savings Boost of
$1,691 over 10 years

Cash Savings $20,000

Average Interest Earned $318

TOWER Interest Earned $2,009

Compare

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: 0.23%	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

TOWER Scenario

	Rate: 1.35%	Annual Interest	Annual Interest (After Tax)
1	20,000	270	189
2	20,270	274	192
3	20,544	277	194
4	20,821	281	197
5	21,102	285	199
6	21,387	289	202
7	21,676	293	205
8	21,968	297	208
9	22,265	301	210
10	22,565	305	213
	TOTAL:	$2,870	$2,009

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
January 19, 2024	1.35%
August 30, 2023	1.40%
August 20, 2023	1.35%

Featured CD Rates

ONLINE BANKS	APY^?	MIN^?
My e-Banc, a division of Bradesco BAC Florida Bank	5.00%	$50,000	Learn More
Last change: ↑0.25% on October 28. 6 Month Jumbo CD.
TotalDirect, a division of City National Bank of Florida	4.91%	$25,000	Learn More
Last change: ↓0.09% on October 17. 3 Month CD.
Norwood Bank	4.90%	$10,000	Learn More
Last change: ↓0.15% on September 6.
Prime Alliance Bank	4.90%	$500	Learn More
Last change: ↓0.05% on September 27.
Bank5 Connect	4.85%	$500	Learn More
Last change: ↓0.10% on October 28. 6 Month CD.

Compound Interest Calculator CD 3-month Account from TOWER with 1.35% APY and $5,000 minimum deposit