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

Cash Savings

Product:

Average Rate (%):

Best Rate (%):

Compound Interest Period:

Tax Rate:

Please leave this field blank

The product Savings with 4.660% 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 $31,538. The interest earned would be $11,538 and the tax amount on the interest earned would be approximately $3,461.

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
$7,761 over 10 years

Cash Savings $20,000

Average Interest Earned $315

Best Interest Earned $8,077

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: 0.22%	Annual Interest	Annual Interest (After Tax)
1	20,000	45	31
2	20,045	45	31
3	20,089	45	31
4	20,134	45	31
5	20,179	45	31
6	20,224	45	32
7	20,269	45	32
8	20,314	45	32
9	20,360	45	32
10	20,405	46	32
	TOTAL:	$451	$315

Scenario 2

	Rate: 4.66%	Annual Interest	Annual Interest (After Tax)
1	20,000	932	652
2	20,932	975	683
3	21,907	1,021	715
4	22,928	1,068	748
5	23,997	1,118	783
6	25,115	1,170	819
7	26,285	1,225	857
8	27,510	1,282	897
9	28,792	1,342	939
10	30,134	1,404	983
	TOTAL:	$11,538	$8,077

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^?
Brilliant Bank, a division of Equity Bank	4.55%	$1,000	Learn More
Last change: ↓0.50% on October 1, 2024.
ableBanking, a division of Northeast Bank	4.50%	$500	Learn More
Last change: ↑0.20% on January 18.
My e-Banc, a division of Bradesco BAC Florida Bank	4.50%	$50,000	Learn More
Last change: ↓0.05% on April 30. 6 Month Jumbo CD.
Bread Savings, a division of Bread Financial	4.50%	$1,500	Learn More
Last change: ↓0.15% on January 25.
Finworth, a division of InsBank	4.50%	$50,000	Learn More
Last change: ↑0.20% on April 9.