Compound Interest Calculator
Money Market Account from M.Y. SAFRA BANK, FSB with 2.51% APY and $5,000 minimum deposit



Use or Change These Amounts and Rates

The product Money Market Account from M.Y. SAFRA BANK, FSB with 2.51% 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 $25,627. The interest earned would be $5,627 and the tax amount on the interest earned would be approximately $1,688.

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 M.Y. SAFRA BANK, FSB

Savings Boost of
$3,628 over 10 years
Cash Savings $20,000
Average Interest Earned $311

 
M.Y. SAFRA BANK, FSB Interest Earned $3,939

 

 

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 20,132 44 31
5 20,177 44 31
6 20,221 44 31
7 20,265 45 31
8 20,310 45 31
9 20,355 45 31
10 20,400 45 31
TOTAL: $444 $311

M.Y. SAFRA BANK, FSB Scenario

Rate:
2.51%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 502 351
2 20,502 515 360
3 21,017 528 369
4 21,544 541 379
5 22,085 554 388
6 22,639 568 398
7 23,207 583 408
8 23,790 597 418
9 24,387 612 428
10 24,999 627 439
TOTAL: $5,627 $3,939

Take Action

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
March 29, 2024 2.51%


Featured CD Rates

Advertiser Disclosure
ONLINE BANKS APY? MIN?

13-Month Online CD - Save for the things you want later. Easy online application.

12-Month

Save for the things you want later. Easy online application.

13-Month

Save for the things you want later. Easy online application.

7-Month

7-Month CD Special - Save for the things you want later. Easy online application.

6-Month

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%.



Customer Reviews for M.Y. Safra Bank (6)


  • July 1, 2022 |

    Online CDs 60 Month Rates

    Very easy opening process and wonderful staff.

  • June 14, 2022 |

    Easy account opening and great competitive rate.

  • October 18, 2018 | | Replies 1

    Online CDs 36 Month Rates

    Does anyone know the penalty for early withdrawl on the 3-year? It doesn't say on the website and their cSp didn't know.

    Normer | Oct 24, 2018

    The penalty will be an amount equal to the greater of credited or 90 days interest. I take it to mean if you had less than 90 days, you still owe 90days interest, if longer could owe all the interest.

  • January 18, 2018 | | Replies 1

    Online CDs 12 Month Rates

    I keep seeing this bank appearing at the top of the tables. I am intrigued. Wish someone would review it. Silly name but interesting rates.

    Tiggy | Jan 18, 2018

    https://www.depositaccounts.com/banks/my-safra-bank-fsb.html


Add Your Review


or use your BestCashCow account

or