Compound Interest Calculator
CD 5-year Account from TEXAS PEOPLE with 3.38% APY and $1,000 minimum deposit

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The product CD 5-year Account from TEXAS PEOPLE with 3.38% APY and $1,000 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 $27,887. The interest earned would be $7,887 and the tax amount on the interest earned would be approximately $2,366.

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 TEXAS PEOPLE

Savings Boost of
$4,178 over 10 years

Cash Savings $20,000

Average Interest Earned $1,343

TEXAS PEOPLE Interest Earned $5,521

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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: 0.92%	Annual Interest	Annual Interest (After Tax)
1	20,000	184	129
2	20,184	186	130
3	20,370	187	131
4	20,557	189	132
5	20,746	191	134
6	20,937	193	135
7	21,130	194	136
8	21,324	196	137
9	21,520	198	139
10	21,718	200	140
	TOTAL:	$1,918	$1,343

TEXAS PEOPLE Scenario

	Rate: 3.38%	Annual Interest	Annual Interest (After Tax)
1	20,000	676	473
2	20,676	699	489
3	21,375	722	506
4	22,097	747	523
5	22,844	772	540
6	23,616	798	559
7	24,415	825	578
8	25,240	853	597
9	26,093	882	617
10	26,975	912	638
	TOTAL:	$7,887	$5,521

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
December 12, 2023	3.38%

Featured CD Rates

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Last change: ↑0.26% on April 9. Early Withdrawal Penalty is 6 months interest.

Compound Interest Calculator CD 5-year Account from TEXAS PEOPLE with 3.38% APY and $1,000 minimum deposit