Compound Interest Calculator
CD Account from Summit Bank with 0.20% APY

Small differences in savings or CD rates may seem trivial. But, earning more in your savings and CD accounts can lead to much larger account balances over time when you examine the difference in compound interest over time. Use our calculator on the right below to see how much larger your accounts can be by moving to higher earning savings and CD rates.

Use or Change These Amounts and Rates

The Results for Summit Bank

Savings Boost of
$-658 over 10 years
Cash Savings $20,000
Average Interest Earned $940

 
Summit Bank Interest Earned $283

 

 

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:
0.65%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 130 91
2 20,130 131 92
3 20,262 132 92
4 20,394 133 93
5 20,527 134 94
6 20,661 135 94
7 20,795 136 95
8 20,931 136 96
9 21,067 137 96
10 21,205 138 97
TOTAL: $1,343 $940

Summit Bank Scenario

Rate:
0.20%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 40 28
2 20,040 40 28
3 20,080 40 28
4 20,120 40 28
5 20,160 40 28
6 20,201 40 28
7 20,241 40 28
8 20,282 41 28
9 20,322 41 28
10 20,363 41 29
TOTAL: $404 $283

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

ONLINE BANKS APY? MIN?

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%.

Last change: ↑0.46% on December 15, 2023.

Last change: ↑0.20% on September 8, 2023.

Last change: ↓0.05% on March 15.

Last change: ↑0.09% on March 12.