Compound Interest Calculator

Small differences in savings or CD rates may seem trivial. But, earning more in your savings and CD accounts can lead to much larger account balances over time when you examine the difference in compound interest over time. Use our calculator on the right below to see how much larger your accounts can be by moving to higher earning savings and CD rates.

Use or Change These Amounts and Rates

The product Savings with 5.130% interest rate 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 $32,983. The interest earned would be $12,983 and the tax amount on the interest earned would be approximately $3,895.

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

Savings Boost of
$8,769 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Best Interest Earned $9,088

 

 

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

Scenario 1

Rate:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Scenario 2

Rate:
5.13%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,026 718
2 21,026 1,079 755
3 22,105 1,134 794
4 23,239 1,192 834
5 24,431 1,253 877
6 25,684 1,318 922
7 27,002 1,385 970
8 28,387 1,456 1,019
9 29,843 1,531 1,072
10 31,374 1,609 1,127
TOTAL: $12,983 $9,088

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.



Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↓0.09% on December 7.
6 Month Jumbo CD.

Last change: ↑0.25% on November 25.

Last change: ↑0.70% on December 7.