The product CD 1-year Account from WebBank with 1.10% 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 $22,312. The interest earned would be $2,312 and the tax amount on the interest earned would be approximately $694.
Please note that 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: 0.55% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 110 | 77 |
| 2 | 20,110 | 111 | 78 |
| 3 | 20,221 | 112 | 78 |
| 4 | 20,333 | 112 | 79 |
| 5 | 20,445 | 113 | 79 |
| 6 | 20,558 | 113 | 79 |
| 7 | 20,672 | 114 | 80 |
| 8 | 20,786 | 115 | 80 |
| 9 | 20,900 | 115 | 81 |
| 10 | 21,016 | 116 | 81 |
| TOTAL: | $1,132 | $792 |
| Rate: 1.10% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 220 | 154 |
| 2 | 20,220 | 222 | 156 |
| 3 | 20,442 | 225 | 157 |
| 4 | 20,667 | 227 | 159 |
| 5 | 20,895 | 230 | 161 |
| 6 | 21,124 | 232 | 163 |
| 7 | 21,357 | 235 | 164 |
| 8 | 21,592 | 238 | 166 |
| 9 | 21,829 | 240 | 168 |
| 10 | 22,069 | 243 | 170 |
| TOTAL: | $2,312 | $1,619 |
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.
| Date | APY |
|---|---|
| August 19, 2023 | 1.10% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.55% |
$5,000 |
Learn More | |
|
Last change: ↑0.15% on March 22. |
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|
|
4.55% |
$1,000 |
Learn More | |
|
Last change: ↓0.50% on October 1, 2024. |
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|
|
4.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on January 18. |
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|
|
4.50% |
$1,500 |
Learn More | |
|
Last change: ↓0.15% on January 25. |
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|
|
4.50% |
$500 |
Learn More | |
|
Last change: ↓0.50% on February 25. |
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Customer Reviews for WebBank
dbestway@gmail.com
August 13, 2019 |
I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one business day. I have yet to ever hear from them. Very unprofessional way of doing business.
Is this review helpful? Yes:0 / No: 0
Rebecca Scavino
June 3, 2019 |
These jackasses charge $25 for an outgoing ACH transfer. Bankrate failed to disclose this (I saw it advertised there before it was listed on BestCashCow). This isn't an online bank as advertised and neither one of them should be showing it. Webbank is scam.
Is this review helpful? Yes:0 / No: 0
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