The product CD Account from American State Bank with 1.10% APY 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 $22,312. The interest earned would be $2,312 and the tax amount on the interest earned would be approximately $694.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
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.
| Rate: 0.81% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 162 | 113 |
| 2 | 20,162 | 163 | 114 |
| 3 | 20,325 | 164 | 115 |
| 4 | 20,489 | 166 | 116 |
| 5 | 20,655 | 167 | 117 |
| 6 | 20,822 | 168 | 118 |
| 7 | 20,991 | 170 | 119 |
| 8 | 21,160 | 171 | 120 |
| 9 | 21,332 | 173 | 121 |
| 10 | 21,504 | 174 | 122 |
| TOTAL: | $1,678 | $1,175 |
| Rate: 1.10% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 220 | 154 |
| 2 | 20,220 | 222 | 156 |
| 3 | 20,442 | 225 | 157 |
| 4 | 20,667 | 227 | 159 |
| 5 | 20,895 | 230 | 161 |
| 6 | 21,124 | 232 | 163 |
| 7 | 21,357 | 235 | 164 |
| 8 | 21,592 | 238 | 166 |
| 9 | 21,829 | 240 | 168 |
| 10 | 22,069 | 243 | 170 |
| TOTAL: | $2,312 | $1,619 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
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%. |
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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for American State Bank
Lindap
June 25, 2020 |
If you need a simple answer you will have to jump through hoops and talk to people that are not connected to your bank. Plus when you try to return the call the number they call from is not a working number. ?????
Is this review helpful? Yes:0 / No: 0
Gene P
February 14, 2017 |
I opened my account back in 2013, I have been getting 3.2% on 25k (~$795 per year) regularly since then. My only complaint is that the Debit Card transactions can take up to 2 days to post. But since only 10 are required per month, I do them early in the month.
Is this review helpful? Yes:1 / No: 0
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