Compound Interest Calculator
CD Account from Elgin State Bank with 0.70% APY

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The product CD Account from Elgin State Bank with 0.70% 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 $21,447. The interest earned would be $1,447 and the tax amount on the interest earned would be approximately $434.

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 Elgin State Bank

Savings Boost of
$709 over 10 years

Cash Savings $20,000

Average Interest Earned $304

Elgin State Bank Interest Earned $1,013

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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: 0.22%	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

Elgin State Bank Scenario

	Rate: 0.70%	Annual Interest	Annual Interest (After Tax)
1	20,000	140	98
2	20,140	141	99
3	20,281	142	100
4	20,424	143	100
5	20,567	144	101
6	20,711	145	102
7	20,856	146	102
8	21,002	147	103
9	21,150	148	104
10	21,298	149	105
	TOTAL:	$1,447	$1,013

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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.

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Compound Interest Calculator CD Account from Elgin State Bank with 0.70% APY