Compare Analysis of ableBanking, a division of Northeast Bank with 0.10% APY and Bask Bank with 5.10% APY and SoFi Bank with 4.60% 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.
- 1ONLINE SAVINGS$50,000N.A.0.10%0.48x (National Avg. - 0.21%)$0Online Bank-SCENARIO
Year Rate
0.10%Annual
InterestAnnual Interest
(After Tax)1 50,000 50 35 2 50,050 50 35 3 50,100 50 35 4 50,150 50 35 5 50,200 50 35 6 50,251 50 35 7 50,301 50 35 8 50,351 50 35 9 50,401 50 35 10 50,452 50 35 11 50,502 51 35 12 50,553 51 35 13 50,603 51 35 14 50,654 51 35 15 50,705 51 35 16 50,755 51 36 17 50,806 51 36 18 50,857 51 36 19 50,908 51 36 20 50,959 51 36 TOTAL $1,010 $707 - 2LOCAL SAVINGS$50,000N.A.5.10%24.40x (National Avg. - 0.21%)$0Online Bank-SCENARIO
Year Rate
5.10%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,550 1,785 2 52,550 2,680 1,876 3 55,230 2,817 1,972 4 58,047 2,960 2,072 5 61,007 3,111 2,178 6 64,119 3,270 2,289 7 67,389 3,437 2,406 8 70,825 3,612 2,528 9 74,437 3,796 2,657 10 78,234 3,990 2,793 11 82,224 4,193 2,935 12 86,417 4,407 3,085 13 90,824 4,632 3,242 14 95,456 4,868 3,408 15 100,325 5,117 3,582 16 105,441 5,378 3,764 17 110,819 5,652 3,956 18 116,471 5,940 4,158 19 122,411 6,243 4,370 20 128,654 6,561 4,593 TOTAL $85,215 $59,650 - 3ONLINE SAVINGS$50,000N.A.4.60%22.01x (National Avg. - 0.21%)$0Online Bank-SCENARIO
Year Rate
4.60%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,300 1,610 2 52,300 2,406 1,684 3 54,706 2,516 1,762 4 57,222 2,632 1,843 5 59,854 2,753 1,927 6 62,608 2,880 2,016 7 65,488 3,012 2,109 8 68,500 3,151 2,206 9 71,651 3,296 2,307 10 74,947 3,448 2,413 11 78,395 3,606 2,524 12 82,001 3,772 2,640 13 85,773 3,946 2,762 14 89,718 4,127 2,889 15 93,846 4,317 3,022 16 98,162 4,515 3,161 17 102,678 4,723 3,306 18 107,401 4,940 3,458 19 112,342 5,168 3,617 20 117,509 5,405 3,784 TOTAL $72,915 $51,040