Compare Analysis of Bank of Salem with 0.75% 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.

  • 1
    LOCAL CD
    Bank of Salem
    $50,000
    18 Month
    0.75%
    1.29x (National Avg. - 0.58%)
    $100,000
    Bank
    -
     
    SCENARIO
    Year Rate
    0.75%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 375 263
    2 50,375 378 264
    3 50,753 381 266
    4 51,133 384 268
    5 51,517 386 270
    6 51,903 389 272
    7 52,293 392 275
    8 52,685 395 277
    9 53,080 398 279
    10 53,478 401 281
    11 53,879 404 283
    12 54,283 407 285
    13 54,690 410 287
    14 55,101 413 289
    15 55,514 416 291
    16 55,930 419 294
    17 56,350 423 296
    18 56,772 426 298
    19 57,198 429 300
    20 57,627 432 303
    TOTAL $8,059 $5,641
  • 2
    ONLINE SAVINGS
    Forbright Bank , ★ TOP PICK ★
    $50,000
    N.A.
    5.15%
    22.10x (National Avg. - 0.23%)
    $0
    Bank
    -
    SCENARIO
    Year Rate
    5.15%    		 Annual
    Interest    		 Annual 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