The product Money Market Account from Brilliant Bank, a division of Equity Bank with 5.35% APY and $2,000 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 $33,680. The interest earned would be $13,680 and the tax amount on the interest earned would be approximately $4,104.
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 | 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 |
| Rate: 5.35% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 1,070 | 749 |
| 2 | 21,070 | 1,127 | 789 |
| 3 | 22,197 | 1,188 | 831 |
| 4 | 23,385 | 1,251 | 876 |
| 5 | 24,636 | 1,318 | 923 |
| 6 | 25,954 | 1,389 | 972 |
| 7 | 27,342 | 1,463 | 1,024 |
| 8 | 28,805 | 1,541 | 1,079 |
| 9 | 30,346 | 1,624 | 1,136 |
| 10 | 31,970 | 1,710 | 1,197 |
| TOTAL: | $13,680 | $9,576 |
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 |
|---|---|
| November 1, 2023 | 5.35% |
| August 20, 2023 | 4.65% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
5 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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|
|
5.51% |
$25,000 |
Learn More | |
|
Last change: ↓0.15% on May 13. |
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|
|
5.46% |
$1,000 |
Learn More | |
|
Last change: ↓0.05% on May 9. |
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|
|
5.45% |
$50,000 |
Learn More | |
|
Last change: ↓0.04% on July 5. |
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|
|
5.40% |
$500 |
Learn More | |
|
Last change: ↑0.90% on May 7. |
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Customer Reviews for Brilliant Bank, a division of Equity Bank
Jason T
May 30, 2023 |
They really do pay this amount, but the account lacks any functionality and they are constantly looking for some sort of add-on fee to enable them to claw back the interest. Any bank with a higher rate and many with lower rates are better than Brilliant.
Is this review helpful? Yes:2 / No: 0
Sharon C
March 11, 2023 |
Dreadful beyond words. Stay away!
Is this review helpful? Yes:1 / No: 1
UGA
February 7, 2023 |
Stay away from these clowns, they will charge xrazy fees and when you have finally had it and cancel account, the final insult, no interest for the month. The worst bank I have seen in 15 years. BYE BYE BYE...................
Is this review helpful? Yes:4 / No: 0
LOL
November 30, 2022 |
They charged me for an ACH transfer. I've been banking online for 20 years and this is the first time I have seen this. It is also the last. Moving along down the list to the next bank ...
Is this review helpful? Yes:4 / No: 0
WMFf
October 11, 2022 |
Well intended, but not exactly brilliant. Feels too much like a mom and pop operation and not a place where I want my cash held in an evolving economy. I will move along shortly.
Is this review helpful? Yes:6 / No: 0
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