Compound Interest Calculator
CD 1-year Account from Modern Bank, National Association with 5.15% APY and $10,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from Modern Bank, National Association with 5.15% APY and $10,000 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 $33,046. The interest earned would be $13,046 and the tax amount on the interest earned would be approximately $3,914.

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 Modern Bank, National Association

Savings Boost of
$8,337 over 10 years
Cash Savings $20,000
Average Interest Earned $795

 
Modern Bank, National Association Interest Earned $9,132

 

 

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:
0.55%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 111 78
2 20,111 111 78
3 20,222 112 78
4 20,334 113 79
5 20,447 113 79
6 20,560 114 80
7 20,674 115 80
8 20,789 115 81
9 20,904 116 81
10 21,020 116 82
TOTAL: $1,136 $795

Modern Bank, National Association Scenario

Rate:
5.15%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,030 721
2 21,030 1,083 758
3 22,113 1,139 797
4 23,252 1,197 838
5 24,449 1,259 881
6 25,708 1,324 927
7 27,032 1,392 975
8 28,425 1,464 1,025
9 29,889 1,539 1,077
10 31,428 1,619 1,133
TOTAL: $13,046 $9,132

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 15, 2024 5.15%
January 15, 2024 5.38%
October 12, 2023 5.55%
September 26, 2023 5.40%
September 22, 2023 5.55%
August 20, 2023 5.40%


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