Compare Analysis of CFG Community Bank with 3.50% APY and Discover Bank with 3.00% 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 MONEY MARKET
    $50,000
    N.A.
    3.50%
    28.00x (National Avg. - 0.13%)
    $1,000
    Bank
    -
     
    SCENARIO
    Year Rate
    3.50%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 1,750 1,225
    2 51,750 1,811 1,268
    3 53,561 1,875 1,312
    4 55,436 1,940 1,358
    5 57,376 2,008 1,406
    6 59,384 2,078 1,455
    7 61,463 2,151 1,506
    8 63,614 2,226 1,559
    9 65,840 2,304 1,613
    10 68,145 2,385 1,670
    11 70,530 2,469 1,728
    12 72,998 2,555 1,788
    13 75,553 2,644 1,851
    14 78,198 2,737 1,916
    15 80,935 2,833 1,983
    16 83,767 2,932 2,052
    17 86,699 3,034 2,124
    18 89,734 3,141 2,198
    19 92,874 3,251 2,275
    20 96,125 3,364 2,355
    TOTAL $49,489 $34,643
  • 2
    ONLINE SAVINGS
    $50,000
    N.A.
    3.00%
    24.00x (National Avg. - 0.13%)
    $0
    Online Bank
    -
    SCENARIO
    Year Rate
    3.00%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 1,500 1,050
    2 51,500 1,545 1,082
    3 53,045 1,591 1,114
    4 54,636 1,639 1,147
    5 56,275 1,688 1,182
    6 57,964 1,739 1,217
    7 59,703 1,791 1,254
    8 61,494 1,845 1,291
    9 63,339 1,900 1,330
    10 65,239 1,957 1,370
    11 67,196 2,016 1,411
    12 69,212 2,076 1,453
    13 71,288 2,139 1,497
    14 73,427 2,203 1,542
    15 75,629 2,269 1,588
    16 77,898 2,337 1,636
    17 80,235 2,407 1,685
    18 82,642 2,479 1,735
    19 85,122 2,554 1,788
    20 87,675 2,630 1,841
    TOTAL $40,306 $28,214