Compare Analysis of BMO Harris Bank National Association with 1.00% APY and Discover Bank with 4.35% APY and North American Savings Bank, F.S.B. with 5.35% 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.
- 1LOCAL MONEY MARKET$50,000N.A.1.00%5.49x (National Avg. - 0.18%)$250,000Bank-SCENARIO
Year Rate
1.00%Annual
InterestAnnual Interest
(After Tax)1 50,000 500 350 2 50,500 505 354 3 51,005 510 357 4 51,515 515 361 5 52,030 520 364 6 52,551 526 368 7 53,076 531 372 8 53,607 536 375 9 54,143 541 379 10 54,684 547 383 11 55,231 552 387 12 55,783 558 390 13 56,341 563 394 14 56,905 569 398 15 57,474 575 402 16 58,048 580 406 17 58,629 586 410 18 59,215 592 415 19 59,807 598 419 20 60,405 604 423 TOTAL $11,010 $7,707 - 2ONLINE SAVINGS$50,000N.A.4.35%23.90x (National Avg. - 0.18%)$0Online Bank-SCENARIO
Year Rate
4.35%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,175 1,523 2 52,175 2,270 1,589 3 54,445 2,368 1,658 4 56,813 2,471 1,730 5 59,284 2,579 1,805 6 61,863 2,691 1,884 7 64,554 2,808 1,966 8 67,362 2,930 2,051 9 70,293 3,058 2,140 10 73,350 3,191 2,234 11 76,541 3,330 2,331 12 79,871 3,474 2,432 13 83,345 3,626 2,538 14 86,970 3,783 2,648 15 90,754 3,948 2,763 16 94,701 4,120 2,884 17 98,821 4,299 3,009 18 103,120 4,486 3,140 19 107,605 4,681 3,277 20 112,286 4,884 3,419 TOTAL $67,171 $47,019 - 3LOCAL SAVINGS$50,000N.A.5.35%29.40x (National Avg. - 0.18%)$25,000Bank-SCENARIO
Year Rate
5.35%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,675 1,873 2 52,675 2,818 1,973 3 55,493 2,969 2,078 4 58,462 3,128 2,189 5 61,590 3,295 2,307 6 64,885 3,471 2,430 7 68,356 3,657 2,560 8 72,013 3,853 2,697 9 75,866 4,059 2,841 10 79,925 4,276 2,993 11 84,201 4,505 3,153 12 88,705 4,746 3,322 13 93,451 5,000 3,500 14 98,451 5,267 3,687 15 103,718 5,549 3,884 16 109,267 5,846 4,092 17 115,113 6,159 4,311 18 121,271 6,488 4,542 19 127,759 6,835 4,785 20 134,594 7,201 5,041 TOTAL $91,795 $64,256