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 5.750% 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 $34,981. The interest earned would be $14,981 and the tax amount on the interest earned would be approximately $4,494.

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
$10,176 over 10 years
Cash Savings $20,000
Average Interest Earned $311

 
Best Interest Earned $10,487

 

 

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 44 31
2 20,044 44 31
3 20,088 44 31
4 20,132 44 31
5 20,177 44 31
6 20,221 44 31
7 20,265 45 31
8 20,310 45 31
9 20,355 45 31
10 20,400 45 31
TOTAL: $444 $311

Scenario 2

Rate:
5.75%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,150 805
2 21,150 1,216 851
3 22,366 1,286 900
4 23,652 1,360 952
5 25,012 1,438 1,007
6 26,450 1,521 1,065
7 27,971 1,608 1,126
8 29,580 1,701 1,191
9 31,280 1,799 1,259
10 33,079 1,902 1,331
TOTAL: $14,981 $10,487

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?

5 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%.

Last change: ↓0.15% on May 13.
3 Month CD.

Last change: ↑0.09% on March 12.
6 Month Jumbo CD.

Last change: ↓0.05% on May 9.

Last change: ↓0.36% on March 12.
Early Withdrawal Penalty is 3 months interest.