The product Money Market Account from Paramount Bank with 1.35% 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 $22,870. The interest earned would be $2,870 and the tax amount on the interest earned would be approximately $861.
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: 1.35% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 270 | 189 |
| 2 | 20,270 | 274 | 192 |
| 3 | 20,544 | 277 | 194 |
| 4 | 20,821 | 281 | 197 |
| 5 | 21,102 | 285 | 199 |
| 6 | 21,387 | 289 | 202 |
| 7 | 21,676 | 293 | 205 |
| 8 | 21,968 | 297 | 208 |
| 9 | 22,265 | 301 | 210 |
| 10 | 22,565 | 305 | 213 |
| TOTAL: | $2,870 | $2,009 |
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 | 1.35% |
| 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 Paramount Bank (6)
Old Man Bob
April 20, 2023 |
This is a true blue community bank. When you call you get people that are able to take action and make decisions. Customer service is number 1. Works great for CDs. They have a nice stand alone building and are not in a strip mall.
Is this review helpful? Yes:0 / No: 0
Klandolt
February 16, 2022 |
Horrible experience with Paramount Bank. Six months after establishing a Business Money Market Account with over $100,000, Paramount Bank decided to drop its interest rate from the promised .50% to .05% with no notice. I thought it must have been a typo when I first saw it on my statement, because I could not believe that any reputable bank could do such a thing to its customers, particularly a large depositor. When I asked why the change was made, the only answer I received was that it was a decision of the Board. Lousy customer service and absolutely no respect for its customers. Recommend that you stay away from this bank!
Is this review helpful? Yes:1 / No: 2
Anthony Speciale Jr.
October 30, 2021 |
The absolute most incompetent group of folks I’ve ever worked with... Tom Russo and his team are an embarrassment to the lending industry. The negligence and lack of attention they exhibit is truly disgusting. If I could give them a negative star rating, I would. Consumers beware, don’t waste your time!
Is this review helpful? Yes:1 / No: 1
OLD MAN TOM
January 10, 2021 |
The bank has it's headquarters in a strip mall so I will be happier earning a little less somewhere else.
Is this review helpful? Yes:2 / No: 4
Leonard P
December 31, 2020 | | Replies 1
I was about to open a CD account with $250,000 but now we have Josh Hawley and I think that there needs to be some repercussions for the people of Missouri for this. This bank is based in MO. I will take my business elsewhere. Sorry, but please elect better leaders next time.
Is this review helpful? Yes:1 / No: 6
jjj999 | Apr 24, 2024
Obviously you don't have 250k, or you wouldn't be dumb enough to invest it all in a cd.
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