Compound Interest Calculator
CD 15-month Account from Northern Bank Direct with 5.40% APY and $500 minimum deposit



Use or Change These Amounts and Rates

The product CD 15-month Account from Northern Bank Direct with 5.40% APY and $500 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 $33,840. The interest earned would be $13,840 and the tax amount on the interest earned would be approximately $4,152.

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 Northern Bank Direct

Savings Boost of
$9,376 over 10 years
Cash Savings $20,000
Average Interest Earned $312

 
Northern Bank Direct Interest Earned $9,688

 

 

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

Northern Bank Direct Scenario

Rate:
5.40%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,080 756
2 21,080 1,138 797
3 22,218 1,200 840
4 23,418 1,265 885
5 24,683 1,333 933
6 26,016 1,405 983
7 27,420 1,481 1,036
8 28,901 1,561 1,092
9 30,462 1,645 1,151
10 32,107 1,734 1,214
TOTAL: $13,840 $9,688

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
May 7, 2024 5.40%
January 12, 2024 4.50%
August 30, 2023 3.75%
August 19, 2023 0.50%


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Customer Reviews for Northern Bank Direct (12)


  • 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.

  • February 8, 2023 |

    Here is your 1 star

  • February 8, 2023

    Just another corksoaker playing games! This rate is for new accounts, look for other winners..........................

  • June 20, 2018 | | Replies 1

    Their website says the offer is going away tomorrow at 9AM EST. Hurry!

    | Jun 20, 2018

    great find Jason, looks like this really was a to good to be true rate

  • 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


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