Compare Analysis of Paramount Bank with 1.70% 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$50,00060 Month1.70%1.86x (National Avg. - 0.91%)$1,000Bank-SCENARIO
Year Rate
1.70%Annual
InterestAnnual Interest
(After Tax)1 50,000 850 595 2 50,850 864 605 3 51,714 879 615 4 52,594 894 626 5 53,488 909 637 6 54,397 925 647 7 55,322 940 658 8 56,262 956 670 9 57,219 973 681 10 58,191 989 692 11 59,181 1,006 704 12 60,187 1,023 716 13 61,210 1,041 728 14 62,250 1,058 741 15 63,309 1,076 753 16 64,385 1,095 766 17 65,479 1,113 779 18 66,593 1,132 792 19 67,725 1,151 806 20 68,876 1,171 820 TOTAL $20,047 $14,033 - 2LOCAL 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