The product Money Market Account from Western State Bank with 4.50% APY and $0 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 $31,059. The interest earned would be $11,059 and the tax amount on the interest earned would be approximately $3,318.
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: 0.23% |
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: 4.50% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 900 | 630 |
| 2 | 20,900 | 941 | 658 |
| 3 | 21,841 | 983 | 688 |
| 4 | 22,823 | 1,027 | 719 |
| 5 | 23,850 | 1,073 | 751 |
| 6 | 24,924 | 1,122 | 785 |
| 7 | 26,045 | 1,172 | 820 |
| 8 | 27,217 | 1,225 | 857 |
| 9 | 28,442 | 1,280 | 896 |
| 10 | 29,722 | 1,337 | 936 |
| TOTAL: | $11,059 | $7,742 |
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 |
|---|---|
| October 29, 2024 | 4.50% |
| August 16, 2024 | 4.85% |
| August 20, 2023 | 5.15% |
| 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. |
||||
Customer Reviews for Western State Bank (11)
Jean-Marc
November 10, 2023 |
Just found out after submitting all my personal information:
"Western also allows one free outgoing wire per month."
"External transfers from Western State Bank Online Banking: After 60 days you will have access to External Transfer where you can add up to five external accounts and transfer money back and forth. The limits are $5,000 per day ($10,000 per 30-day period) transferred in and $10,000 per day ($20,000 per 30-day period) transferred out."
Not a good fit if you have a little bit of savings.
Is this review helpful? Yes:2 / No: 0
PhilD
August 1, 2023 |
Western State Bank is an outstanding bank, but like others I found they would not honor online rates in the branch.
Is this review helpful? Yes:0 / No: 0
jeff
January 6, 2023 |
I did not find this rate anywhere. They knew nothing about it at branch in Fargo.
Is this review helpful? Yes:1 / No: 0
TRUMP LIES, WE DIE
November 12, 2020 | | Replies 1
Rate has remained competitive and they are easy to work with.
Is this review helpful? Yes:4 / No: 2
| May 18, 2021
What an idiot name.
Travel USA
February 22, 2020 |
I have had an account with WSB for a couple of years. They have terrific customer service and good yield on moneymarket.
I do recommend WESTERN STATE BANK ( and, no, I do not work there!! )
Is this review helpful? Yes:2 / No: 2
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