Compare Analysis of Elgin State Bank with 1.15% 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
    Elgin State Bank
    $50,000
    60 Month
    1.15%
    1.26x (National Avg. - 0.91%)
    $1,000
    Bank
    -
     
    SCENARIO
    Year Rate
    1.15%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 577 404
    2 50,577 583 408
    3 51,160 590 413
    4 51,750 597 418
    5 52,346 604 422
    6 52,950 611 427
    7 53,560 618 432
    8 54,178 625 437
    9 54,802 632 442
    10 55,434 639 447
    11 56,074 647 453
    12 56,720 654 458
    13 57,374 662 463
    14 58,036 669 468
    15 58,705 677 474
    16 59,382 685 479
    17 60,066 693 485
    18 60,759 701 490
    19 61,459 709 496
    20 62,168 717 502
    TOTAL $12,885 $9,019
  • 2
    LOCAL SAVINGS
    Forbright Bank , ★ TOP PICK ★
    $50,000
    N.A.
    5.15%
    22.01x (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