Compound Interest Calculator
Money Market Account from ChoiceOne Bank with 0.01% APY

Small differences in savings or CD rates may seem trivial. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. Use our calculator on the right below to see how much larger your accounts can be by moving to higher earning savings and CD rates.

Use or Change these Amounts And Rates

The Results for ChoiceOne Bank

Savings Boost of
$-148 over 10 years
Cash Savings $20,000
Average Interest Earned $162

 
ChoiceOne Bank Interest Earned $14

 

 

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:
0.12%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 23 16
2 20,023 23 16
3 20,046 23 16
4 20,069 23 16
5 20,092 23 16
6 20,115 23 16
7 20,138 23 16
8 20,162 23 16
9 20,185 23 16
10 20,208 23 16
TOTAL: $231 $162

ChoiceOne Bank Scenario

Rate:
0.01%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 2 1
2 20,002 2 1
3 20,004 2 1
4 20,006 2 1
5 20,008 2 1
6 20,010 2 1
7 20,012 2 1
8 20,014 2 1
9 20,016 2 1
10 20,018 2 1
TOTAL: $20 $14

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.