The product CD Account from BankDirect, a division of Texas Capital Bank with 0.60% 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 $21,233. The interest earned would be $1,233 and the tax amount on the interest earned would be approximately $370.
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: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| Rate: 0.60% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 120 | 84 |
| 2 | 20,120 | 121 | 85 |
| 3 | 20,241 | 121 | 85 |
| 4 | 20,362 | 122 | 86 |
| 5 | 20,484 | 123 | 86 |
| 6 | 20,607 | 124 | 87 |
| 7 | 20,731 | 124 | 87 |
| 8 | 20,855 | 125 | 88 |
| 9 | 20,980 | 126 | 88 |
| 10 | 21,106 | 127 | 89 |
| TOTAL: | $1,233 | $863 |
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.
| Date | APY |
|---|---|
| August 20, 2023 | 0.60% |
| 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 BankDirect, a division of Texas Capital Bank
Eldridge D.
February 7, 2021
I cannot comment on Bankdirect, but I can comment on the Bask Bank subsidiary. Opening this account to earn AAdvantage miles is the best move I've made in years! I am getting 100,000 frequent flier miles and that is more than enough to get my spouse and me to Hawaii and back versus maybe $600 a year before tax (I saw maybe because rates are still falling). If you want to open an account, I can help you. Contact me at eldridge.
Is this review helpful? Yes:5 / No: 0
Rajit C
October 17, 2020 |
Is it possible to covert to this 0.75% account from Bask? I am not using airmiles during the pandemic.
Is this review helpful? Yes:5 / No: 0
Jerry N
August 23, 2020 |
I opened an account and then I realized that it is the same parent that owns Bask Bank and that took me over FDIC limits so I closed this because I prefer the Bask account. I am writing this to warn others.
Is this review helpful? Yes:11 / No: 0
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