Compare Analysis of Sallie Mae Bank with 3.20% APY and Discover Bank with 3.00% APY and First Foundation Bank with 4.00% 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
    Sallie Mae Bank
    $50,000
    N.A.
    3.20%
    21.19x (National Avg. - 0.15%)
    $0
    Bank
    -
     
    SCENARIO
    Year Rate
    3.20%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 1,600 1,120
    2 51,600 1,651 1,156
    3 53,251 1,704 1,193
    4 54,955 1,759 1,231
    5 56,714 1,815 1,270
    6 58,529 1,873 1,311
    7 60,402 1,933 1,353
    8 62,334 1,995 1,396
    9 64,329 2,059 1,441
    10 66,388 2,124 1,487
    11 68,512 2,192 1,535
    12 70,704 2,263 1,584
    13 72,967 2,335 1,634
    14 75,302 2,410 1,687
    15 77,712 2,487 1,741
    16 80,198 2,566 1,796
    17 82,765 2,648 1,854
    18 85,413 2,733 1,913
    19 88,146 2,821 1,974
    20 90,967 2,911 2,038
    TOTAL $43,878 $30,715
  • 2
    LOCAL SAVINGS
    Discover Bank , ★ TOP PICK ★
    $50,000
    N.A.
    3.00%
    19.87x (National Avg. - 0.15%)
    $0
    Online Bank
    -
    SCENARIO
    Year Rate
    3.00%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 1,500 1,050
    2 51,500 1,545 1,082
    3 53,045 1,591 1,114
    4 54,636 1,639 1,147
    5 56,275 1,688 1,182
    6 57,964 1,739 1,217
    7 59,703 1,791 1,254
    8 61,494 1,845 1,291
    9 63,339 1,900 1,330
    10 65,239 1,957 1,370
    11 67,196 2,016 1,411
    12 69,212 2,076 1,453
    13 71,288 2,139 1,497
    14 73,427 2,203 1,542
    15 75,629 2,269 1,588
    16 77,898 2,337 1,636
    17 80,235 2,407 1,685
    18 82,642 2,479 1,735
    19 85,122 2,554 1,788
    20 87,675 2,630 1,841
    TOTAL $40,306 $28,214
  • 3
    LOCAL SAVINGS
    First Foundation Bank , ★ TOP PICK ★
    $50,000
    N.A.
    4.00%
    26.49x (National Avg. - 0.15%)
    $1,000
    Bank
    -
    SCENARIO
    Year Rate
    4.00%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,000 1,400
    2 52,000 2,080 1,456
    3 54,080 2,163 1,514
    4 56,243 2,250 1,575
    5 58,493 2,340 1,638
    6 60,833 2,433 1,703
    7 63,266 2,531 1,771
    8 65,797 2,632 1,842
    9 68,428 2,737 1,916
    10 71,166 2,847 1,993
    11 74,012 2,960 2,072
    12 76,973 3,079 2,155
    13 80,052 3,202 2,241
    14 83,254 3,330 2,331
    15 86,584 3,463 2,424
    16 90,047 3,602 2,521
    17 93,649 3,746 2,622
    18 97,395 3,896 2,727
    19 101,291 4,052 2,836
    20 105,342 4,214 2,950
    TOTAL $59,556 $41,689