Compare Analysis of Firelands with 0.03% 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.
- 1LOCAL CD$50,0006 Month0.03%0.04x (National Avg. - 0.69%)$10,000Credit Union-SCENARIO
Year Rate
0.03%Annual
InterestAnnual Interest
(After Tax)1 50,000 13 9 2 50,013 13 9 3 50,025 13 9 4 50,038 13 9 5 50,050 13 9 6 50,063 13 9 7 50,075 13 9 8 50,088 13 9 9 50,100 13 9 10 50,113 13 9 11 50,125 13 9 12 50,138 13 9 13 50,150 13 9 14 50,163 13 9 15 50,175 13 9 16 50,188 13 9 17 50,200 13 9 18 50,213 13 9 19 50,225 13 9 20 50,238 13 9 TOTAL $251 $175 - 2LOCAL SAVINGS$50,000N.A.5.15%22.01x (National Avg. - 0.23%)$0Bank-SCENARIO
Year Rate
5.15%Annual
InterestAnnual 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