The product Money Market Account from Union Bank with 0.05% APY and $2,500 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 New Hampshire 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. |
||||
|
5.00% |
$500 |
Learn More | |
Last change: ↑3.00% on August 7. |
||||
|
4.91% |
$25,000 |
Learn More | |
Last change: ↓0.09% on October 17. |
||||
|
4.90% |
$10,000 |
Learn More | |
Last change: ↓0.15% on September 6. |
||||
|
4.90% |
$500 |
Learn More | |
Last change: ↓0.05% on September 27. |
Customer Reviews for Union Bank
doug
December 17, 2020 |
Union Bank seized my wife’s, mother’s and my assets based on a bankruptcy filing for a different person filed Nov. 29, 2020 in the middle court district of Pennsylvania; case number BK 03404. This person sometimes used an alias, the same name as my wife. Union Bank seized our combined assets based on the same name and the last four digits of my wife’s SSN, which are the same last four digits of the person filing bankruptcy.
Mathematically the way the SSN is created there are approximately 33,000 Americans using the same combination of the last four digits of the SSN. Look it up on the internet, it is easy to find. Also a search of the last Census data shows that there are 2,865 people in America with my wife’s name.
A simple internet search on the public internet of the person listed in the bankruptcy filing showed she has a different birth date and is 6 years younger than my wife. The public search also shows she has never lived in California and my wife has never lived in Pennsylvania. This is all from a simple public internet search; Union Bank has full access to credit reports with all of these details and more. The most important of which is that the person in the filing and my wife have different SSNs, except the last four digits.
All of this leads to the conclusion that Union Bank did not perform even the most basic verification before illegally seizing the assets of my wife, mother and myself for a bankruptcy filed 2,800 miles from my wife’s home, in the name of a different person. Also none of the 5 other banks and credit unions the three of us use, and contacted, had any notices or seized any assets; this is a Union Bank specific mistake. Union Bank seized the assets without prior notification and did not resolve the issue until four days later, after a lot of phone calls and haranguing.
Union Bank needs to change its policies related to asset seizures. And defiantly need to improve their communication and processing policies; we are still getting letters from Union Bank Legal Dept. even after they corrected their mistake. Union Bank has gone a long way in alienating and disrespecting all three of us as customers. It is time for a new bank, one that actually cars about its customers.
Is this review helpful? Yes:0 / No: 0
Add Your Review
or use your BestCashCow account