The product CD Account from First Bank of the Lake with 4.85% 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 $32,115. The interest earned would be $12,115 and the tax amount on the interest earned would be approximately $3,635.
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: 4.85% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 970 | 679 |
| 2 | 20,970 | 1,017 | 712 |
| 3 | 21,987 | 1,066 | 746 |
| 4 | 23,053 | 1,118 | 783 |
| 5 | 24,172 | 1,172 | 821 |
| 6 | 25,344 | 1,229 | 860 |
| 7 | 26,573 | 1,289 | 902 |
| 8 | 27,862 | 1,351 | 946 |
| 9 | 29,213 | 1,417 | 992 |
| 10 | 30,630 | 1,486 | 1,040 |
| TOTAL: | $12,115 | $8,481 |
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 |
|---|---|
| January 2, 2024 | 4.85% |
| September 29, 2023 | 5.00% |
| August 20, 2023 | 4.50% |
| 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 First Bank of the Lake
Richard
June 10, 2021 |
I bank at this bank and they have the best people working there They all have a lot of knowledge and most all have been there a long time they do a great job and have the highest CD rates around
Is this review helpful? Yes:0 / No: 0
Eamatthews
March 16, 2021
Leo thanks for the heads up
Is this review helpful? Yes:0 / No: 0
Tamara Hudson
February 6, 2021 |
As someone who works in SBA lending at a larger financial institution I am appalled at the lack of service received from this bank. They obviously spent a great deal of money on Google ads for PPP, instead of investing in having sufficient support to execute the influx of applications received.
No one answers phone lines. No one responds to emails. Completed “pre-application” submitted on 1/13/2020 with all supporting documentation. Then I receive an email on a Friday evening that my application was declined due to lack of documentation (I believe they were more pressed about the negative Tweets I posted tbh).
It is no wonder they have such negative reviews. A prospective client can’t help but feel like they received the old bait and switch from First Bank.
Sadly, you are hurting small business owners with your inadequate customer support.
Is this review helpful? Yes:0 / No: 1
Leo
January 28, 2021 |
Worst bank
Is this review helpful? Yes:0 / No: 1
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