Compare Analysis of Ally Bank with 4.20% APY and Forbright Bank with 5.15% APY
This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.
PRODUCT
BANK
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
BANK TYPE
STATE
All calculations are for demonstration purposes only.
- 1ONLINE SAVINGS$50,000N.A.4.20%18.03x (National Avg. - 0.23%)$0Online Bank-SCENARIO
Year Rate
4.20%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,100 1,470 2 52,100 2,188 1,532 3 54,288 2,280 1,596 4 56,568 2,376 1,663 5 58,944 2,476 1,733 6 61,420 2,580 1,806 7 63,999 2,688 1,882 8 66,687 2,801 1,961 9 69,488 2,919 2,043 10 72,407 3,041 2,129 11 75,448 3,169 2,218 12 78,617 3,302 2,311 13 81,919 3,441 2,408 14 85,359 3,585 2,510 15 88,944 3,736 2,615 16 92,680 3,893 2,725 17 96,573 4,056 2,839 18 100,629 4,226 2,958 19 104,855 4,404 3,083 20 109,259 4,589 3,212 TOTAL $63,848 $44,693 - 2LOCAL SAVINGS$50,000N.A.5.15%22.10x (National Avg. - 0.23%)$0Bank-SCENARIO
Year Rate
5.15%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,575 1,803 2 52,575 2,708 1,895 3 55,283 2,847 1,993 4 58,130 2,994 2,096 5 61,123 3,148 2,203 6 64,271 3,310 2,317 7 67,581 3,480 2,436 8 71,062 3,660 2,562 9 74,721 3,848 2,694 10 78,569 4,046 2,832 11 82,616 4,255 2,978 12 86,870 4,474 3,132 13 91,344 4,704 3,293 14 96,049 4,946 3,463 15 100,995 5,201 3,641 16 106,196 5,469 3,828 17 111,665 5,751 4,026 18 117,416 6,047 4,233 19 123,463 6,358 4,451 20 129,821 6,686 4,680 TOTAL $86,507 $60,555