Compound Interest Calculator
CD 5-year Account from First Bank of the Lake with 3.40% APY and $5,000 minimum deposit
Use or Change These Amounts and Rates
The product CD 5-year Account from First Bank of the Lake with 3.40% APY and $5,000 minimum deposit 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 $27,941. The interest earned would be $7,941 and the tax amount on the interest earned would be approximately $2,382.
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 First Bank of the Lake
Savings Boost of
$4,207 over 10 years
$4,207 over 10 years
Cash Savings
$20,000
Average Interest Earned
$1,352
First Bank of the Lake Interest Earned
$5,558
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: 0.93% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 185 | 130 |
| 2 | 20,185 | 187 | 131 |
| 3 | 20,372 | 189 | 132 |
| 4 | 20,561 | 190 | 133 |
| 5 | 20,751 | 192 | 135 |
| 6 | 20,943 | 194 | 136 |
| 7 | 21,137 | 196 | 137 |
| 8 | 21,333 | 198 | 138 |
| 9 | 21,531 | 199 | 140 |
| 10 | 21,730 | 201 | 141 |
| TOTAL: | $1,931 | $1,352 |
First Bank of the Lake Scenario
| Rate: 3.40% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 680 | 476 |
| 2 | 20,680 | 703 | 492 |
| 3 | 21,383 | 727 | 509 |
| 4 | 22,110 | 752 | 526 |
| 5 | 22,862 | 777 | 544 |
| 6 | 23,639 | 804 | 563 |
| 7 | 24,443 | 831 | 582 |
| 8 | 25,274 | 859 | 602 |
| 9 | 26,133 | 889 | 622 |
| 10 | 27,022 | 919 | 643 |
| TOTAL: | $7,941 | $5,558 |
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Recent Rate Changes
| Date | APY |
|---|---|
| July 13, 2026 | 3.40% |
| August 16, 2024 | 4.10% |
| January 2, 2024 | 4.15% |
| September 29, 2023 | 4.00% |
| August 20, 2023 | 3.50% |
Featured CD Rates
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.50% |
$1,500 |
Learn More | |
|
Last change: ↑0.25% on August 10. |
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|
|
4.50% |
$10,000 |
Learn More | |
|
Last change: ↑0.65% on August 6. |
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|
|
4.50% |
$10,000 |
Learn More | |
|
Last change: ↑1.20% on August 6. |
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|
|
4.50% |
$10,000 |
Learn More | |
|
Last change: ↑1.20% on August 6. |
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|
|
4.45% |
$500 |
Learn More | |
|
Last change: ↑0.40% on April 27. |
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Customer Reviews for First Bank of the Lake
2.3 out of 5 based on 3 ratings
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:1 / 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: 2
Leo
January 28, 2021 |
Worst bank
Is this review helpful? Yes:0 / No: 2
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