Compare Analysis of Norwood Bank with 2.75% 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.
- 1ONLINE CD$50,00022 Month2.75%N.A.$1,000Online Bank-SCENARIO
Year Rate
2.75%Annual
InterestAnnual Interest
(After Tax)1 50,000 1,375 963 2 51,375 1,413 989 3 52,788 1,452 1,016 4 54,239 1,492 1,044 5 55,731 1,533 1,073 6 57,264 1,575 1,102 7 58,838 1,618 1,133 8 60,456 1,663 1,164 9 62,119 1,708 1,196 10 63,827 1,755 1,229 11 65,583 1,804 1,262 12 67,386 1,853 1,297 13 69,239 1,904 1,333 14 71,143 1,956 1,370 15 73,100 2,010 1,407 16 75,110 2,066 1,446 17 77,175 2,122 1,486 18 79,298 2,181 1,526 19 81,478 2,241 1,568 20 83,719 2,302 1,612 TOTAL $36,021 $25,215 - 2LOCAL SAVINGS$50,000N.A.5.15%23.95x (National Avg. - 0.22%)$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