The product Money Market Account from Talbot State Bank with 0.50% 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 $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 analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account
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.
| Rate: 0.22% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 43 | 30 |
| 2 | 20,043 | 43 | 30 |
| 3 | 20,086 | 43 | 30 |
| 4 | 20,129 | 43 | 30 |
| 5 | 20,173 | 43 | 30 |
| 6 | 20,216 | 43 | 30 |
| 7 | 20,259 | 44 | 30 |
| 8 | 20,303 | 44 | 31 |
| 9 | 20,347 | 44 | 31 |
| 10 | 20,390 | 44 | 31 |
| TOTAL: | $434 | $304 |
| 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 |
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.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
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%. |
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|
|
5.66% |
$25,000 |
Learn More | |
|
Last change: ↑0.46% on December 15, 2023. |
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|
|
5.60% |
$500 |
Learn More | |
|
Last change: ↑0.60% on April 19. |
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|
|
5.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on September 8, 2023. |
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|
|
5.50% |
$10,000 |
Learn More | |
|
Last change: ↓0.05% on March 15. |
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Customer Reviews for Talbot State Bank
ronald.burrell673@gmail.com
August 11, 2019
We have trouble with them crediting payments made on time, by the time point Aand B get your payment and record it, you are always seen as a late payment. This just drives me crazy, also, they don't do allotments, which would definitely help that situation. Their customer service doesn't help us as customers to appreciate their services enough to bank with them for very long. For example, they requested a tax statement and 1099 for their records, they were sent weeks ago and we get a request again for them, this happens constantly. So, frustrating.
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