The product Savings Account from Customers Bank with 5.14% 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 $33,015. The interest earned would be $13,015 and the tax amount on the interest earned would be approximately $3,904.
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: 5.14% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 1,028 | 720 |
| 2 | 21,028 | 1,081 | 757 |
| 3 | 22,109 | 1,136 | 795 |
| 4 | 23,245 | 1,195 | 836 |
| 5 | 24,440 | 1,256 | 879 |
| 6 | 25,696 | 1,321 | 925 |
| 7 | 27,017 | 1,389 | 972 |
| 8 | 28,406 | 1,460 | 1,022 |
| 9 | 29,866 | 1,535 | 1,075 |
| 10 | 31,401 | 1,614 | 1,130 |
| TOTAL: | $13,015 | $9,110 |
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 |
|---|---|
| February 6, 2024 | 5.14% |
| August 20, 2023 | 4.05% |
| 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 Customers Bank
James A. Elder
March 25, 2020
I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???
UNDER MARKET RATES LISTED SEE BELOW Deposit Rates - March 25, 2020
Your Current Location: Georgia, GA 30009
Savings and Money Market Rates
APY 0.25%
MAXIMUM $50,000
I DO NOT UNDERSTAND WHAT IS GOING ON HERE??
SEE LINK https://www.bestcashcow.com/banks/customers-bank-34444
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Is this review helpful? Yes:0 / No: 0
dale18328
January 23, 2020
Yesterday I signed up for the 2.25 MM account that took 10 minute to do online. Then I created a transfer connection to fund it which was completed less than 24 hours later. I didn't need to speak to anyone and it all went flawlessly. Now this I could get used to!!!
Is this review helpful? Yes:0 / No: 0
lbcohen2@verizon.net
December 9, 2018
I purchased a 15 month CD in Dec. 2017 which should have matured in Jan.2018. The teller screwed up and gave Jan 2019 as the maturity date. Now they sent me a notice my account was inactive. It was a total screw up on their part.
Is this review helpful? Yes:0 / No: 0
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