The product Money Market Account from UFB Direct, a division of Axos Bank with 4.01% APY and $1 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 $29,633. The interest earned would be $9,633 and the tax amount on the interest earned would be approximately $2,890.
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 | 45 | 31 |
| 2 | 20,045 | 45 | 31 |
| 3 | 20,089 | 45 | 31 |
| 4 | 20,134 | 45 | 31 |
| 5 | 20,179 | 45 | 31 |
| 6 | 20,224 | 45 | 32 |
| 7 | 20,269 | 45 | 32 |
| 8 | 20,314 | 45 | 32 |
| 9 | 20,360 | 45 | 32 |
| 10 | 20,405 | 46 | 32 |
| TOTAL: | $451 | $315 |
| Rate: 4.01% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 802 | 561 |
| 2 | 20,802 | 834 | 584 |
| 3 | 21,636 | 868 | 607 |
| 4 | 22,504 | 902 | 632 |
| 5 | 23,406 | 939 | 657 |
| 6 | 24,345 | 976 | 683 |
| 7 | 25,321 | 1,015 | 711 |
| 8 | 26,336 | 1,056 | 739 |
| 9 | 27,392 | 1,098 | 769 |
| 10 | 28,491 | 1,142 | 800 |
| TOTAL: | $9,633 | $6,743 |
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.
| Date | APY |
|---|---|
| March 24, 2025 | 4.01% |
| January 14, 2025 | 4.01% |
| November 28, 2024 | 4.31% |
| October 15, 2024 | 4.57% |
| September 20, 2024 | 4.83% |
| July 26, 2024 | 5.15% |
| August 20, 2023 | 5.25% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.55% |
$1,000 |
Learn More | |
|
Last change: ↓0.50% on October 1, 2024. |
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|
|
4.50% |
$500 |
Learn More | |
|
Last change: ↑0.20% on January 18. |
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|
|
4.50% |
$50,000 |
Learn More | |
|
Last change: ↓0.05% on April 30. |
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|
|
4.50% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on April 9. |
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|
|
4.50% |
$500 |
Learn More | |
|
Last change: ↓0.50% on February 25. |
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Customer Reviews for UFB Direct, a division of Axos Bank
Miles Jacobsen
July 18, 2023 |
I got into this one back in early April for the rate. It was the first to hit 5%. I put up with all sorts of annoying thing getting the account funded (including a 5-day wait period during which they had the money and paid no interest. (I stupidly explained these to myself and my wife as idiosyncracies). Now it is down at 4.81% and all of the other banks are raising and they are staying put. I am back here to call in my chips and take my losses and find something else from the list of the top banks.
Is this review helpful? Yes:1 / No: 2
Quincy
July 4, 2023 |
I couldn't get my money out without long questions and delay tactics by the bank. I lost 5 weeks interest on $200,000. Not a bank but a scam.
Is this review helpful? Yes:1 / No: 0
garycahn
April 17, 2023 |
I had an account with this bank, and they sent me an email that stated they were closing my account. They me no reason for doing that. Once month later, as promised, they closed my account. I urge you not to do business with this bank. The Washington Post did a store about a number of banks across the U.S. that now do precisely what Axos does, close your account for no reason whatsoever. Nor do the provide a reason.
Is this review helpful? Yes:1 / No: 1
ba_khlo
March 24, 2023 |
I haven't had any issues setting up a link to existing bank account like previous reviewer. Initiated transfer on Tue, money has not been credited yet on Fri, and now I am told Tue. That's way slower than anything I've seen before and raises a question whether this is intentional.
Is this review helpful? Yes:0 / No: 0
Dstar
March 13, 2023 |
Tried to direct deposit to a savings account. Set it up twice and twice had the penny test rejected. Called customer service and sat on hold for 20 minutes. Then I was abruptly sent to leave a message instead of being connected to a person who could help. Decided to try the chat instead. Been waiting on the chat now for 26 minutes...only 2 people left in front of me (I started with 4). I'll bet I can set up an account at a different bank and transfer all my money there instead before I get help from these schmucks. Don't waste your time. High yeild is not work poor service.
Is this review helpful? Yes:0 / No: 0
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