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Compare Savings vs. CDs - April 2024

Long-Term Analysis of Northern Bank Direct with 5.60% APY and Finworth, a division of InsBank with 5.38% APY

This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.

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Amount

Type

Term

State

Product Name

PRODUCT

BANK

APY

STATE

AMOUNT

TERM

BANK TYPE

VS.NAT.AV.

MIN

ONLINE CD

Northern Bank Direct

5.60%

$50,000

12 Month

Online Bank

10.07x (National Avg. - 0.56%)

$500

SCENARIO

Year	Rate 5.60%	Annual Interest	Annual Interest (After Tax)
1	50,000	2,800	1,960
2	52,800	2,957	2,070
3	55,757	3,122	2,186
4	58,879	3,297	2,308
5	62,176	3,482	2,437
6	65,658	3,677	2,574
7	69,335	3,883	2,718
8	73,218	4,100	2,870
9	77,318	4,330	3,031
10	81,648	4,572	3,201
11	86,220	4,828	3,380
12	91,049	5,099	3,569
13	96,147	5,384	3,769
14	101,532	5,686	3,980
15	107,217	6,004	4,203
16	113,221	6,340	4,438
17	119,562	6,695	4,687
18	126,257	7,070	4,949
19	133,328	7,466	5,226
20	140,794	7,884	5,519
	TOTAL	$98,679	$69,075

ONLINE CD

Finworth, a division of InsBank

5.38%

$50,000

12 Month

Online Bank

9.68x (National Avg. - 0.56%)

$50,000

SCENARIO

Year	Rate 5.38%	Annual Interest	Annual Interest (After Tax)
1	50,000	2,690	1,883
2	52,690	2,835	1,984
3	55,525	2,987	2,091
4	58,512	3,148	2,204
5	61,660	3,317	2,322
6	64,977	3,496	2,447
7	68,473	3,684	2,579
8	72,157	3,882	2,717
9	76,039	4,091	2,864
10	80,130	4,311	3,018
11	84,441	4,543	3,180
12	88,984	4,787	3,351
13	93,771	5,045	3,531
14	98,816	5,316	3,721
15	104,132	5,602	3,922
16	109,734	5,904	4,133
17	115,638	6,221	4,355
18	121,859	6,556	4,589
19	128,416	6,909	4,836
20	135,324	7,280	5,096
	TOTAL	$92,605	$64,823

All calculations are for demonstration purposes only.

Featured CD Rates

ONLINE BANKS	APY^?	MIN^?
Blue Foundry Bank	6.00%	$5,000	Learn More
6 Month CD Special. Must be linked to a standard consumer or business checking account in which 12.6% of the total combined balance is maintained. Otherwise APY is 5.25%.
TotalDirect, a division of City National Bank of Florida	5.66%	$25,000	Learn More
Last change: ↑0.46% on December 15, 2023. 3 Month CD.
Northern Bank Direct	5.60%	$500	Learn More
Last change: ↑0.60% on April 19. Warning: Early Withdrawal Penalty is 12 Months interest.
Bank5 Connect	5.50%	$500	Learn More
Last change: ↑0.20% on September 8, 2023. 6 Month CD.
Modern Bank, National Association	5.50%	$10,000	Learn More
Last change: ↓0.05% on March 15. 3 Month CD.