Compare Analysis of Northern Bank Direct with 4.95% 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.

  • 1
    ONLINE MONEY MARKET
    $50,000
    N.A.
    4.95%
    23.68x (National Avg. - 0.21%)
    $1
    Online Bank
    -
     
    SCENARIO
    Year Rate
    4.95%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,475 1,733
    2 52,475 2,598 1,818
    3 55,073 2,726 1,908
    4 57,799 2,861 2,003
    5 60,660 3,003 2,102
    6 63,662 3,151 2,206
    7 66,814 3,307 2,315
    8 70,121 3,471 2,430
    9 73,592 3,643 2,550
    10 77,235 3,823 2,676
    11 81,058 4,012 2,809
    12 85,070 4,211 2,948
    13 89,281 4,419 3,094
    14 93,700 4,638 3,247
    15 98,339 4,868 3,407
    16 103,206 5,109 3,576
    17 108,315 5,362 3,753
    18 113,677 5,627 3,939
    19 119,304 5,906 4,134
    20 125,209 6,198 4,339
    TOTAL $81,407 $56,985
  • 2
    LOCAL SAVINGS
    $50,000
    N.A.
    5.10%
    24.40x (National Avg. - 0.21%)
    $0
    Online Bank
    -
    SCENARIO
    Year Rate
    5.10%
    Annual
    Interest
    Annual 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
  • 3
    ONLINE SAVINGS
    $50,000
    N.A.
    4.60%
    22.01x (National Avg. - 0.21%)
    $0
    Online Bank
    -
    SCENARIO
    Year Rate
    4.60%
    Annual
    Interest
    Annual 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