Compound Interest Calculator
CD 3-year Account from Somerset Savings Bank, SLA with 0.50% APY and $10,000 minimum deposit
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The product CD 3-year Account from Somerset Savings Bank, SLA with 0.50% APY and $10,000 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 $21,023. The interest earned would be $1,023 and the tax amount on the interest earned would be approximately $307.
Please note that this product is available in New Jersey and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
The Results for Somerset Savings Bank, SLA
Savings Boost of
$-384 over 10 years
$-384 over 10 years
Cash Savings
$20,000
Average Interest Earned
$1,100
Somerset Savings Bank, SLA Interest Earned
$716
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: 0.76% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 152 | 106 |
| 2 | 20,152 | 153 | 107 |
| 3 | 20,305 | 154 | 108 |
| 4 | 20,459 | 155 | 109 |
| 5 | 20,614 | 156 | 110 |
| 6 | 20,771 | 158 | 110 |
| 7 | 20,928 | 159 | 111 |
| 8 | 21,087 | 160 | 112 |
| 9 | 21,247 | 161 | 113 |
| 10 | 21,408 | 162 | 114 |
| TOTAL: | $1,571 | $1,100 |
Somerset Savings Bank, SLA Scenario
| Rate: 0.50% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 100 | 70 |
| 2 | 20,100 | 101 | 70 |
| 3 | 20,201 | 101 | 71 |
| 4 | 20,302 | 102 | 71 |
| 5 | 20,403 | 102 | 71 |
| 6 | 20,505 | 103 | 72 |
| 7 | 20,608 | 103 | 72 |
| 8 | 20,711 | 104 | 72 |
| 9 | 20,814 | 104 | 73 |
| 10 | 20,918 | 105 | 73 |
| TOTAL: | $1,023 | $716 |
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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? | ||
|---|---|---|---|---|
|
|
4.50% | $100,000 |
Learn More on the North American Savings Bank, F.S.B. website |
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Decide once. Earn for a year. A full year of predictable earnings with our 12-Month Jumbo CD. 12-Month |
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5.00% |
$10,000 |
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Last change: ↑0.05% on October 8. |
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4.95% |
$10,000 |
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Last change: ↑0.10% on October 8. |
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4.85% |
$10,000 |
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Last change: ↑0.05% on October 8. |
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4.75% |
$0 |
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Last change: ↑0.40% on October 11. |
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Customer Reviews for Somerset Regal Bank
1.0 out of 5 based on 2 ratings
DN
January 11, 2020 |
I tried to do a re-fi loan through this place. Total nightmare. They never sent the loan disclosure prior to the closing. Imagine my surprise at closing when my cash to closing number increased by almost $8000. On top of that, my customer service experience throughout the process was atrocious. Mortgage lending is highly competitive. Shop around to find not just the best rate, but someone who values your business and adheres to appropriate and legal business practices. I would recommend avoiding this lender at all costs.
Is this review helpful? Yes:0 / No: 0
ADK
July 11, 2016 |
Very bad bank the one in Middlesex. Teller in 1st cubicle is very loud, rude, poor customer service. She talks loud that everyone can hear. She mistreated me 3 times. I am closing my account because of her.
Is this review helpful? Yes:1 / No: 0
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