Compound Interest Calculator
CD 4-year Account from Norwood Bank with 1.50% APY and $1,000 minimum deposit



Use or Change These Amounts and Rates

The product CD 4-year Account from Norwood Bank with 1.50% APY and $1,000 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 $23,211. The interest earned would be $3,211 and the tax amount on the interest earned would be approximately $963.

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 Norwood Bank

Savings Boost of
$1,068 over 10 years
Cash Savings $20,000
Average Interest Earned $1,179

 
Norwood Bank Interest Earned $2,248

 

 

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:
0.81%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 162 114
2 20,162 164 115
3 20,326 165 116
4 20,491 166 116
5 20,658 168 117
6 20,825 169 118
7 20,994 170 119
8 21,165 172 120
9 21,337 173 121
10 21,510 175 122
TOTAL: $1,685 $1,179

Norwood Bank Scenario

Rate:
1.50%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 300 210
2 20,300 305 213
3 20,605 309 216
4 20,914 314 220
5 21,227 318 223
6 21,546 323 226
7 21,869 328 230
8 22,197 333 233
9 22,530 338 237
10 22,868 343 240
TOTAL: $3,211 $2,248

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
August 20, 2023 1.50%


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