The product Money Market Account from BMO Bank National Association with 2.02% 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 $24,428. The interest earned would be $4,428 and the tax amount on the interest earned would be approximately $1,328.
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: 2.02% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 404 | 283 |
| 2 | 20,404 | 412 | 289 |
| 3 | 20,816 | 420 | 294 |
| 4 | 21,237 | 429 | 300 |
| 5 | 21,666 | 438 | 306 |
| 6 | 22,103 | 446 | 313 |
| 7 | 22,550 | 456 | 319 |
| 8 | 23,005 | 465 | 325 |
| 9 | 23,470 | 474 | 332 |
| 10 | 23,944 | 484 | 339 |
| TOTAL: | $4,428 | $3,099 |
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 |
|---|---|
| December 15, 2023 | 2.02% |
| 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 BMO Bank National Association
Beenthere
January 29, 2024
Tried to enter information on line to open a 5 year CD, multiple time and wasn't accepted. Talked to a live person who was of no help at all. My credit score is over 800 and I have plenty of money in other institutions, forget you.......
Is this review helpful? Yes:3 / No: 0
Dwales
September 3, 2023
I do not recommend this bank! I want a cd at 5%, and they have all kinds of legal hurdles to jump through to put the CD in a living trust for my children if anything happens to me. It is documented, but they requested all kinds of documents. So, I went with my local credit union offering the same interest rate, with a whole lot less hassle and they easily accepted my living trust for my children! I refuse to work with a bank that isn't user friendly, especially if I have the money to invest in a CD! BMO doesn't deserve my business!
Is this review helpful? Yes:6 / No: 2
Ric
March 13, 2023 |
This rate is phony - check the bank website: 0.05% for 1 yr CD !!!
Is this review helpful? Yes:4 / No: 0
Diane Bailey
December 20, 2022 |
Excellent customer service. Professional, informative and courteous.
Is this review helpful? Yes:0 / No: 0
PabloinMilw
December 5, 2022 |
BMO is a very large bank with many customers and branches. I have been with it ever since it acquired a local bank in 2011 with whom I had accounts. I think that the biggest thing to take from the reviews is that they are small in number. People that are satisfied are unlikely to write reviews. If there are only 3 negative ones attributed to a bank of this scale, collectively that forms a positive review. As regards my experience with this bank, I find it at least comparable to other large banks of its size and likely a bit better than average.
Is this review helpful? Yes:0 / No: 0
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