Compound Interest Calculator
CD 3-year Account from Summit State Bank with 1.24% APY and $10,000 minimum deposit

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The product CD 3-year Account from Summit State Bank with 1.24% 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 $22,623. The interest earned would be $2,623 and the tax amount on the interest earned would be approximately $787.

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

The Results for Summit State Bank

Savings Boost of
$747 over 10 years

Cash Savings $20,000

Average Interest Earned $1,089

Summit State Bank Interest Earned $1,836

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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	152	106
3	20,302	153	107
4	20,455	154	108
5	20,608	155	108
6	20,763	156	109
7	20,920	157	110
8	21,077	158	111
9	21,235	160	112
10	21,395	161	113
	TOTAL:	$1,556	$1,089

Summit State Bank Scenario

	Rate: 1.24%	Annual Interest	Annual Interest (After Tax)
1	20,000	248	174
2	20,248	251	176
3	20,499	254	178
4	20,753	257	180
5	21,011	261	182
6	21,271	264	185
7	21,535	267	187
8	21,802	270	189
9	22,072	274	192
10	22,346	277	194
	TOTAL:	$2,623	$1,836

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.

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Compound Interest Calculator CD 3-year Account from Summit State Bank with 1.24% APY and $10,000 minimum deposit