Compare Analysis of Saco & Biddeford Savings Institution with 0.68% 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.
- 1LOCAL CD$50,00036 Month0.68%0.91x (National Avg. - 0.75%)$100,000Bank-SCENARIO
Year Rate
0.68%Annual
InterestAnnual Interest
(After Tax)1 50,000 340 238 2 50,340 342 240 3 50,682 345 241 4 51,027 347 243 5 51,374 349 245 6 51,723 352 246 7 52,075 354 248 8 52,429 357 250 9 52,786 359 251 10 53,145 361 253 11 53,506 364 255 12 53,870 366 256 13 54,236 369 258 14 54,605 371 260 15 54,976 374 262 16 55,350 376 263 17 55,726 379 265 18 56,105 382 267 19 56,487 384 269 20 56,871 387 271 TOTAL $7,258 $5,080 - 2ONLINE SAVINGS$50,000N.A.5.15%22.10x (National Avg. - 0.23%)$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