Compound Interest Calculator
CD Account from STATE DEPARTMENT with 4.16% APY

Use or Change These Amounts and Rates

Cash Savings

Product:

Average Rate (%):

STATE DEPARTMENT Rate (%):

Compound Interest Period:

Tax Rate:

Email (optional for newsletter registration)

Please leave this field blank

The product CD Account from STATE DEPARTMENT with 4.16% 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 $30,064. The interest earned would be $10,064 and the tax amount on the interest earned would be approximately $3,019.

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 STATE DEPARTMENT

Savings Boost of
$5,961 over 10 years

Cash Savings $20,000

Average Interest Earned $1,083

STATE DEPARTMENT Interest Earned $7,044

Compare

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: 0.75%	Annual Interest	Annual Interest (After Tax)
1	20,000	150	105
2	20,150	151	106
3	20,300	152	106
4	20,452	153	107
5	20,605	154	108
6	20,759	155	109
7	20,915	156	110
8	21,071	158	110
9	21,229	159	111
10	21,387	160	112
	TOTAL:	$1,547	$1,083

STATE DEPARTMENT Scenario

	Rate: 4.16%	Annual Interest	Annual Interest (After Tax)
1	20,000	832	582
2	20,832	867	607
3	21,699	903	632
4	22,601	940	658
5	23,541	979	686
6	24,521	1,020	714
7	25,541	1,063	744
8	26,603	1,107	775
9	27,710	1,153	807
10	28,863	1,201	840
	TOTAL:	$10,064	$7,044

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
February 19, 2024	4.16%

Featured CD Rates

ONLINE BANKS	APY^?	MIN^?
Blue Foundry Bank	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%.
TotalDirect, a division of City National Bank of Florida	5.66%	$25,000	Learn More
Last change: ↑0.46% on December 15, 2023. 3 Month CD.
Bank5 Connect	5.50%	$500	Learn More
Last change: ↑0.20% on September 8, 2023. 6 Month CD.
Modern Bank, National Association	5.50%	$10,000	Learn More
Last change: ↓0.05% on March 15. 3 Month CD.
My e-Banc, a division of Bradesco BAC Florida Bank	5.49%	$50,000	Learn More
Last change: ↑0.09% on March 12. 6 Month Jumbo CD.

Compound Interest Calculator CD Account from STATE DEPARTMENT with 4.16% APY