Compare Analysis of First Internet Bank of Indiana with 2.78% 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
    ONLINE MONEY MARKET
    $50,000
    N.A.
    2.78%
    22.24x (National Avg. - 0.13%)
    $100
    Bank
    -
     
    SCENARIO
    Year Rate
    2.78%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 1,390 973
    2 51,390 1,429 1,000
    3 52,819 1,468 1,028
    4 54,287 1,509 1,056
    5 55,796 1,551 1,086
    6 57,347 1,594 1,116
    7 58,942 1,639 1,147
    8 60,580 1,684 1,179
    9 62,264 1,731 1,212
    10 63,995 1,779 1,245
    11 65,774 1,829 1,280
    12 67,603 1,879 1,316
    13 69,482 1,932 1,352
    14 71,414 1,985 1,390
    15 73,399 2,040 1,428
    16 75,440 2,097 1,468
    17 77,537 2,156 1,509
    18 79,692 2,215 1,551
    19 81,908 2,277 1,594
    20 84,185 2,340 1,638
    TOTAL $36,525 $25,568
  • 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