Compare Analysis of Paramount Bank with 2.55% 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$50,00048 Month2.55%3.15x (National Avg. - 0.81%)$1,000Bank-SCENARIO
Year Rate
2.55%Annual
InterestAnnual Interest
(After Tax)1 50,000 1,275 893 2 51,275 1,308 915 3 52,583 1,341 939 4 53,923 1,375 963 5 55,298 1,410 987 6 56,709 1,446 1,012 7 58,155 1,483 1,038 8 59,638 1,521 1,065 9 61,158 1,560 1,092 10 62,718 1,599 1,120 11 64,317 1,640 1,148 12 65,957 1,682 1,177 13 67,639 1,725 1,207 14 69,364 1,769 1,238 15 71,133 1,814 1,270 16 72,947 1,860 1,302 17 74,807 1,908 1,335 18 76,714 1,956 1,369 19 78,671 2,006 1,404 20 80,677 2,057 1,440 TOTAL $32,734 $22,914 - 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