The product Money Market Account from Northern Bank Direct with 4.95% APY 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 $32,423. The interest earned would be $12,423 and the tax amount on the interest earned would be approximately $3,727.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
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.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| Rate: 4.95% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 990 | 693 |
| 2 | 20,990 | 1,039 | 727 |
| 3 | 22,029 | 1,090 | 763 |
| 4 | 23,119 | 1,144 | 801 |
| 5 | 24,264 | 1,201 | 841 |
| 6 | 25,465 | 1,261 | 882 |
| 7 | 26,725 | 1,323 | 926 |
| 8 | 28,048 | 1,388 | 972 |
| 9 | 29,437 | 1,457 | 1,020 |
| 10 | 30,894 | 1,529 | 1,070 |
| TOTAL: | $12,423 | $8,696 |
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.
| Date | APY |
|---|---|
| August 20, 2023 | 4.95% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
6.00% |
$5,000 |
Learn More | |
|
6 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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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for Northern Bank Direct (12)
Mike Brown
July 6, 2023
This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is bottom of the barrel they contact you will an automated email unacceptable and 29 days late. That same day they took my information and rejected application. I opened a new CD with Forbright Bank the process was smooth and it took about 12 minutes. I would not recommend anyone to give out their information or try to process anything through northern bank, direct as their service is unacceptable and junk.
Is this review helpful? Yes:2 / No: 0
Leder
February 8, 2023 |
Here is your 1 star
Is this review helpful? Yes:4 / No: 3
Leder
February 8, 2023
Just another corksoaker playing games! This rate is for new accounts, look for other winners..........................
Is this review helpful? Yes:4 / No: 0
Jason
June 20, 2018 | | Replies 1
Their website says the offer is going away tomorrow at 9AM EST. Hurry!
Is this review helpful? Yes:2 / No: 1
| Apr 29, 2024
great find Jason, looks like this really was a to good to be true rate
raoul
June 19, 2018 |
Thanks FP, I have done some research and your correct.
1. "If you initiate the electronic transfer from your other financial institution, Northern Bank Direct does not impose a limit on the amount of the transfer. However, you should check with your other financial institution to see what their limits are." 2. "There is no limit on the number of financial institutions located in the US that you may link to your Northern Bank Direct account" its all in the FAQ, the rate blows everyone away
Is this review helpful? Yes:2 / No: 1
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