Compound Interest Calculator
CD Account from SUMMIT with 1.00% APY

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The product CD Account from SUMMIT with 1.00% 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 $22,092. The interest earned would be $2,092 and the tax amount on the interest earned would be approximately $628.

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 SUMMIT

Savings Boost of
$383 over 10 years

Cash Savings $20,000

Average Interest Earned $1,082

SUMMIT Interest Earned $1,465

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	149	105
2	20,149	151	105
3	20,300	152	106
4	20,452	153	107
5	20,604	154	108
6	20,758	155	109
7	20,913	156	109
8	21,070	157	110
9	21,227	159	111
10	21,385	160	112
	TOTAL:	$1,545	$1,082

SUMMIT Scenario

	Rate: 1.00%	Annual Interest	Annual Interest (After Tax)
1	20,000	200	140
2	20,200	202	141
3	20,402	204	143
4	20,606	206	144
5	20,812	208	146
6	21,020	210	147
7	21,230	212	149
8	21,443	214	150
9	21,657	217	152
10	21,874	219	153
	TOTAL:	$2,092	$1,465

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 Account from SUMMIT with 1.00% APY