The product CD Account from Finworth, a division of InsBank with 5.38% 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 $33,776. The interest earned would be $13,776 and the tax amount on the interest earned would be approximately $4,133.
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: 0.56% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 111 | 78 |
| 2 | 20,111 | 112 | 78 |
| 3 | 20,223 | 112 | 79 |
| 4 | 20,335 | 113 | 79 |
| 5 | 20,449 | 114 | 80 |
| 6 | 20,562 | 114 | 80 |
| 7 | 20,677 | 115 | 80 |
| 8 | 20,792 | 116 | 81 |
| 9 | 20,907 | 116 | 81 |
| 10 | 21,023 | 117 | 82 |
| TOTAL: | $1,140 | $798 |
| Rate: 5.38% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 1,076 | 753 |
| 2 | 21,076 | 1,134 | 794 |
| 3 | 22,210 | 1,195 | 836 |
| 4 | 23,405 | 1,259 | 881 |
| 5 | 24,664 | 1,327 | 929 |
| 6 | 25,991 | 1,398 | 979 |
| 7 | 27,389 | 1,474 | 1,031 |
| 8 | 28,863 | 1,553 | 1,087 |
| 9 | 30,416 | 1,636 | 1,145 |
| 10 | 32,052 | 1,724 | 1,207 |
| TOTAL: | $13,776 | $9,643 |
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 |
|---|---|
| April 15, 2024 | 5.38% |
| January 30, 2024 | 5.00% |
| January 5, 2024 | 5.45% |
| November 12, 2023 | 5.25% |
| November 10, 2023 | 5.70% |
| September 29, 2023 | 5.25% |
| September 29, 2023 | 5.67% |
| 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%. |
||||
|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
||||
|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
||||
|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
||||
|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
||||
Customer Reviews for Finworth, a division of InsBank
Geoffrey Christopher 1
November 12, 2023 |
Finworth looks legit, but their online disclosures and incomplete and you cannot reach them by phone and they don't respond to inquiries. I am moving along and you should too.
Is this review helpful? Yes:1 / No: 0
Add Your Review
or use your BestCashCow account