Compound Interest Calculator
Savings Account from FIRST COMMERCE with 2.53% APY and $5 minimum deposit

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The product Savings Account from FIRST COMMERCE with 2.53% APY and $5 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 $25,677. The interest earned would be $5,677 and the tax amount on the interest earned would be approximately $1,703.

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 COMMERCE

Savings Boost of
$3,661 over 10 years

Cash Savings $20,000

Average Interest Earned $312

FIRST COMMERCE Interest Earned $3,974

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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: 0.22%	Annual Interest	Annual Interest (After Tax)
1	20,000	44	31
2	20,044	44	31
3	20,088	44	31
4	20,133	44	31
5	20,177	45	31
6	20,222	45	31
7	20,267	45	31
8	20,311	45	31
9	20,356	45	31
10	20,401	45	32
	TOTAL:	$446	$312

FIRST COMMERCE Scenario

	Rate: 2.53%	Annual Interest	Annual Interest (After Tax)
1	20,000	506	354
2	20,506	519	363
3	21,025	532	372
4	21,557	545	382
5	22,102	559	391
6	22,661	573	401
7	23,235	588	411
8	23,822	603	422
9	24,425	618	433
10	25,043	634	444
	TOTAL:	$5,677	$3,974

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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.

Recent Rate Changes

Date	APY
August 19, 2023	2.53%

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Blue Foundry Bank	6.00%	$5,000	Learn More
5 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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Northern Bank Direct	5.40%	$500	Learn More
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Compound Interest Calculator Savings Account from FIRST COMMERCE with 2.53% APY and $5 minimum deposit