Compound Interest Calculator
Money Market Account from ALABAMA with 0.31% APY and $2,500 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from ALABAMA with 0.31% APY and $2,500 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 $20,629. The interest earned would be $629 and the tax amount on the interest earned would be approximately $189.

Please note that this product is available in Alabama and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for ALABAMA

Savings Boost of
$128 over 10 years
Cash Savings $20,000
Average Interest Earned $312

 
ALABAMA Interest Earned $440

 

 

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

Average Rate Scenario

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 20,133 44 31
5 20,177 45 31
6 20,222 45 31
7 20,267 45 31
8 20,311 45 31
9 20,356 45 31
10 20,401 45 32
TOTAL: $446 $312

ALABAMA Scenario

Rate:
0.31%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 62 43
2 20,062 62 44
3 20,124 62 44
4 20,187 63 44
5 20,249 63 44
6 20,312 63 44
7 20,375 63 44
8 20,438 63 44
9 20,501 64 44
10 20,565 64 45
TOTAL: $629 $440

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.



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Customer Reviews for Alabama


  • August 11, 2021 |

    Terrible Customer Service by Manager


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