The product Money Market Account from Seattle Bank with 2.40% 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 $25,353. The interest earned would be $5,353 and the tax amount on the interest earned would be approximately $1,606.
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: 2.40% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 480 | 336 |
| 2 | 20,480 | 492 | 344 |
| 3 | 20,972 | 503 | 352 |
| 4 | 21,475 | 515 | 361 |
| 5 | 21,990 | 528 | 369 |
| 6 | 22,518 | 540 | 378 |
| 7 | 23,058 | 553 | 387 |
| 8 | 23,612 | 567 | 397 |
| 9 | 24,179 | 580 | 406 |
| 10 | 24,759 | 594 | 416 |
| TOTAL: | $5,353 | $3,747 |
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 | 2.40% |
| 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%. |
||||
|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
||||
|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
||||
|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
||||
|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
||||
Customer Reviews for Seattle Bank
Rob H.
November 21, 2023 |
A real pain in the *** process to try and get approved! They were unable to match my drivers license photo with my live image after several times trying! Went to limelight bank instead and got approved in under 5 minutes total! Go to limelight bank instead!
Is this review helpful? Yes:0 / No: 0
Jeff in Seattle
November 16, 2023 |
Be warned, this is not a conventional online bank. That means there will be a delay in funding your account. It also means that at maturity they will not immediately transfer your principal and interest bank to the funding account. Rather they will charge you helty snail mail or wire transfer fees (and there is no savings account that you could transfer your assets to in the interim. Long and short, your effective interest rate, even if held to maturity is much lower than advertised. You will also encounter poor customer service should you need it. As attractive as the 18-month and 24-month rates are at the moment, I would avoid, especially if I was not local to a branch in Seattle.
Is this review helpful? Yes:0 / No: 0
Add Your Review
or use your BestCashCow account