Compound Interest Calculator
CD Account from DEPARTMENT OF COMMERCE with 4.34% APY



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The product CD Account from DEPARTMENT OF COMMERCE with 4.34% 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 $30,587. The interest earned would be $10,587 and the tax amount on the interest earned would be approximately $3,176.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account

The Results for DEPARTMENT OF COMMERCE

Savings Boost of
$6,082 over 10 years
Cash Savings $20,000
Average Interest Earned $1,329

 
DEPARTMENT OF COMMERCE Interest Earned $7,411

 

 

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:
0.91%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 182 128
2 20,182 184 129
3 20,366 186 130
4 20,552 187 131
5 20,739 189 132
6 20,928 191 133
7 21,118 192 135
8 21,311 194 136
9 21,505 196 137
10 21,701 198 138
TOTAL: $1,899 $1,329

DEPARTMENT OF COMMERCE Scenario

Rate:
4.34%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 868 608
2 20,868 906 634
3 21,774 945 661
4 22,719 986 690
5 23,705 1,029 720
6 24,733 1,073 751
7 25,807 1,120 784
8 26,927 1,169 818
9 28,095 1,219 854
10 29,315 1,272 891
TOTAL: $10,587 $7,411

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.


Recent Rate Changes



Date APY
September 22, 2023 4.34%
September 15, 2023 4.50%
September 12, 2023 4.61%
August 20, 2023 4.67%


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Customer Reviews for Department of Commerce


  • December 14, 2022 |

    Online CDs 12 Month Rates

    Agree with Jaben to stay away from docfcu. They don't appreciate loyal members and easily turn down any requests after a delayed response. I have closed my accounts and moved my funds to better institutions with 24x7 customer service and peace of mind.

  • November 14, 2022 |

    Refused to waive penalties when I asked to move my CD into another 5 year CD in their institution prior to maturity, rather than withdrawing and placing in another bank. It took me several weeks to get a response to this question because I had to 1st start with a customer account rep and then ask someone higher up.

    Other banks and credit unions waive fees if you keep the money in their bank, so I would stay away from this credit union if you want real customer service. They don't value anyone's patronage.


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