Compound Interest Calculator
CD 5-year Account from Bank Independent with 3.02% APY and $1,000 minimum deposit

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The product CD 5-year Account from Bank Independent with 3.02% APY and $1,000 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 $26,931. The interest earned would be $6,931 and the tax amount on the interest earned would be approximately $2,079.

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 for Bank Independent

Savings Boost of
$3,506 over 10 years

Cash Savings $20,000

Average Interest Earned $1,346

Bank Independent Interest Earned $4,851

Compare

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: 0.92%	Annual Interest	Annual Interest (After Tax)
1	20,000	184	129
2	20,184	186	130
3	20,371	188	131
4	20,558	190	133
5	20,748	191	134
6	20,939	193	135
7	21,132	195	136
8	21,327	197	138
9	21,524	198	139
10	21,722	200	140
	TOTAL:	$1,922	$1,346

Bank Independent Scenario

	Rate: 3.02%	Annual Interest	Annual Interest (After Tax)
1	20,000	604	423
2	20,604	622	436
3	21,226	641	449
4	21,867	660	462
5	22,528	680	476
6	23,208	701	491
7	23,909	722	505
8	24,631	744	521
9	25,375	766	536
10	26,141	789	553
	TOTAL:	$6,931	$4,851

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.

Recent Rate Changes

Date	APY
May 19, 2025	3.02%
September 30, 2024	2.51%
August 19, 2024	4.01%
February 24, 2024	3.01%

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Compound Interest Calculator CD 5-year Account from Bank Independent with 3.02% APY and $1,000 minimum deposit