Compare Analysis of Fall River Five Cents Savings Bank with 0.05% APY and CIT Bank with 1.90% APY and FitnessBank with 2.20% 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 SAVINGS$50,000N.A.0.05%0.34x (National Avg. - 0.15%)$2,500Bank-SCENARIO
Year Rate
0.05%Annual
InterestAnnual Interest
(After Tax)1 50,000 25 18 2 50,025 25 18 3 50,050 25 18 4 50,075 25 18 5 50,100 25 18 6 50,125 25 18 7 50,150 25 18 8 50,175 25 18 9 50,200 25 18 10 50,225 25 18 11 50,251 25 18 12 50,276 25 18 13 50,301 25 18 14 50,326 25 18 15 50,351 25 18 16 50,376 25 18 17 50,402 25 18 18 50,427 25 18 19 50,452 25 18 20 50,477 25 18 TOTAL $502 $352 - 2LOCAL SAVINGS$50,000N.A.1.90%13.01x (National Avg. - 0.15%)$100Online Bank-SCENARIO
Year Rate
1.90%Annual
InterestAnnual Interest
(After Tax)1 50,000 950 665 2 50,950 968 678 3 51,918 986 691 4 52,904 1,005 704 5 53,910 1,024 717 6 54,934 1,044 731 7 55,978 1,064 745 8 57,041 1,084 759 9 58,125 1,104 773 10 59,229 1,125 788 11 60,355 1,147 803 12 61,502 1,169 818 13 62,670 1,191 834 14 63,861 1,213 849 15 65,074 1,236 865 16 66,311 1,260 882 17 67,570 1,284 899 18 68,854 1,308 916 19 70,163 1,333 933 20 71,496 1,358 951 TOTAL $22,854 $15,998 - 3LOCAL SAVINGS$50,000N.A.2.20%15.07x (National Avg. - 0.15%)$100Online Bank-SCENARIO
Year Rate
2.20%Annual
InterestAnnual Interest
(After Tax)1 50,000 1,100 770 2 51,100 1,124 787 3 52,224 1,149 804 4 53,373 1,174 822 5 54,547 1,200 840 6 55,747 1,226 859 7 56,974 1,253 877 8 58,227 1,281 897 9 59,508 1,309 916 10 60,817 1,338 937 11 62,155 1,367 957 12 63,523 1,398 978 13 64,920 1,428 1,000 14 66,349 1,460 1,022 15 67,808 1,492 1,044 16 69,300 1,525 1,067 17 70,825 1,558 1,091 18 72,383 1,592 1,115 19 73,975 1,627 1,139 20 75,603 1,663 1,164 TOTAL $27,266 $19,086