Compound Interest Calculator
Money Market Account from Merchants Bank of Indiana with 4.08% APY

Small differences in savings or CD rates may seem trivial. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. Use our calculator on the right below to see how much larger your accounts can be by moving to higher earning savings and CD rates.

Use or Change these Amounts And Rates

The Results for Merchants Bank of Indiana

Savings Boost of
$6,743 over 10 years
Cash Savings $20,000
Average Interest Earned $141

 
Merchants Bank of Indiana Interest Earned $6,883

 

 

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:
0.10%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 20 14
2 20,020 20 14
3 20,040 20 14
4 20,060 20 14
5 20,080 20 14
6 20,100 20 14
7 20,120 20 14
8 20,140 20 14
9 20,161 20 14
10 20,181 20 14
TOTAL: $201 $141

Merchants Bank of Indiana Scenario

Rate:
4.08%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 816 571
2 20,816 849 595
3 21,665 884 619
4 22,549 920 644
5 23,469 958 670
6 24,427 997 698
7 25,423 1,037 726
8 26,461 1,080 756
9 27,540 1,124 787
10 28,664 1,169 819
TOTAL: $9,833 $6,883

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.