Compare Analysis of Spectra Bank with 0.05% 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.

  • 1
    LOCAL SAVINGS
    Spectra Bank
    $50,000
    N.A.
    0.05%
    0.24x (National Avg. - 0.22%)
    $200
    Bank
    -
     
    SCENARIO
    Year Rate
    0.05%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 26 18
    2 50,026 26 18
    3 50,051 26 18
    4 50,077 26 18
    5 50,102 26 18
    6 50,128 26 18
    7 50,153 26 18
    8 50,179 26 18
    9 50,204 26 18
    10 50,230 26 18
    11 50,256 26 18
    12 50,281 26 18
    13 50,307 26 18
    14 50,333 26 18
    15 50,358 26 18
    16 50,384 26 18
    17 50,410 26 18
    18 50,435 26 18
    19 50,461 26 18
    20 50,487 26 18
    TOTAL $512 $359
  • 2
    LOCAL SAVINGS
    Forbright Bank , ★ TOP PICK ★
    $50,000
    N.A.
    5.15%
    23.95x (National Avg. - 0.22%)
    $0
    Bank
    -
    SCENARIO
    Year Rate
    5.15%    		 Annual
    Interest    		 Annual 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