Compound Interest Calculator
Savings Account from Peoples Independent Bank with 0.25% APY and $2,500 minimum deposit



Use or Change These Amounts and Rates

The product Savings Account from Peoples Independent Bank with 0.25% APY and $2,500 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 $20,506. The interest earned would be $506 and the tax amount on the interest earned would be approximately $152.

Please note that this product is available in Alabama and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Peoples Independent Bank

Savings Boost of
$41 over 10 years
Cash Savings $20,000
Average Interest Earned $312

 
Peoples Independent Bank Interest Earned $354

 

 

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

Peoples Independent Bank Scenario

Rate:
0.25%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 50 35
2 20,050 50 35
3 20,100 50 35
4 20,150 50 35
5 20,201 51 35
6 20,251 51 35
7 20,302 51 36
8 20,353 51 36
9 20,404 51 36
10 20,455 51 36
TOTAL: $506 $354

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.



Featured CD Rates

Advertiser Disclosure
ONLINE BANKS APY? MIN?

5.15% APY, 13-Month Online CD. Easy online application. Interest compounded daily. FDIC Insured.

12-Month

5.15% APY, 13-Month Online CD. Easy online application. Interest compounded daily. FDIC Insured.

13-Month

Save for the things you want later. Easy online application.

7-Month

7-Month CD Special - Save for the things you want later. Easy online application.

6-Month

5 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%.



Customer Reviews for Peoples Independent Bank


  • February 9, 2024 |

    Last week we called the People's Independent main branch to gain an understanding of the institution, a normal procedure for any family. We do not live in Boaz, AL, so we thought we could have our questions answered by calling. We called the branch twice, both times requesting a manager because we had specific banking questions. We certainly didn't want to drive an hour and then find upon arriving that no one was available to answer our questions. We are not affiliated with PIB but we have relatives who do business with PIB. They were taken aback by our treatment.

    On both occasions, a gentleman named Chris who introduced himself as a manager of the Boaz main branch answered our call. We were hoping to have access to another manager for the second call that followed, as Chris did not impress us the first time. Chris informed us that he was one of the managers of the main branch. When we called a second time, we were just as disappointed as during the first call. For example, Chris didn't seem interested in answering our questions about a five-year Certificate of Deposit or in us becoming customers. We were also seeking to open a checking account. As we attempted to explain ourselves regarding one particular question—a question that a branch manager should have known—he put us on hold for several minutes. Afterward, I mentioned to Chris that we are residents of Alabama and that I am a retired engineer, as well as a numbers guy. He replied with a sarcastic remark: "So am I, 1+1=2." I took this as a mocking swipe. He clearly was not the person we desired; this was the extent of his ability to be helpful. When Chris learned that we moved from New York, his attitude shifted. He knew by our (212) area code that we were not originally from the area. We sensed that he considered us outsiders, especially when he replied, "We are a local bank who serve locals. Perhaps this bank is not for you." This discrimination was enough to terminate the call. Shame on People's Independent Bank.

    Mr. Vogel


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