Compound Interest Calculator
CD Account from THE SUMMIT with 2.32% 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 THE SUMMIT

Savings Boost of
$2,285 over 10 years
Cash Savings $20,000
Average Interest Earned $1,329

 
THE SUMMIT Interest Earned $3,614

 

 

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:
0.91%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 182 128
2 20,182 184 129
3 20,366 186 130
4 20,552 187 131
5 20,739 189 132
6 20,928 191 133
7 21,118 192 135
8 21,311 194 136
9 21,505 196 137
10 21,701 198 138
TOTAL: $1,899 $1,329

THE SUMMIT Scenario

Rate:
2.32%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 465 325
2 20,465 475 333
3 20,940 486 341
4 21,426 498 348
5 21,924 509 357
6 22,433 521 365
7 22,955 533 373
8 23,488 546 382
9 24,033 558 391
10 24,592 571 400
TOTAL: $5,163 $3,614

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.