The product CD Account from Ericson State Bank with 0.69% 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 $21,424. The interest earned would be $1,424 and the tax amount on the interest earned would be approximately $427.
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: 0.69% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 138 | 97 |
| 2 | 20,138 | 139 | 97 |
| 3 | 20,277 | 140 | 98 |
| 4 | 20,417 | 141 | 99 |
| 5 | 20,558 | 142 | 99 |
| 6 | 20,700 | 143 | 100 |
| 7 | 20,842 | 144 | 101 |
| 8 | 20,986 | 145 | 101 |
| 9 | 21,131 | 146 | 102 |
| 10 | 21,277 | 147 | 103 |
| TOTAL: | $1,424 | $997 |
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.
| 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 Ericson State Bank
soon2bxericsonbank customer
January 25, 2020
This bank has successfully ruined my current living standard. I have been a loyal customer for almost 20 years and they have given me signature loans for in excess of 12K which I paid back on time or early. Going through a tough time with cancer, I requested a 2K loan and had intended on financing my leased vehicle with them at the end of the lease term in March. They refused my request for the 2K loan and said that they would not be able to finance my leased vehicle. I am on disability from the military and both my checks were being directly deposited into my Ericson State bank account. When my husband was dying in 2014/5, they let him and his sister withdraw 25K from his account even thought I had a DURABLE power of attorney on file and he was not 'legally' allowed to withdraw any money except with my permission. The money was taken by his sister and we never saw it again. I truly hope that every bit of hell they have caused me is trebled on their new owners. Before all this happened, I would have given them 5 stars. Now I would not throw water on the building if it were on fire. I'm not a criminal but it sure makes a nice fantasy after being so ill treated during a very bad time in my life.
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