Compare Analysis of Valley Direct, a division of Valley National Bank with 4.80% APY and Bask Bank with 5.10% 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.
- 1ONLINE SAVINGS$50,000N.A.4.80%20.96x (National Avg. - 0.23%)$5,000Online Bank-SCENARIO
Year Rate
4.80%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,400 1,680 2 52,400 2,515 1,761 3 54,915 2,636 1,845 4 57,551 2,762 1,934 5 60,314 2,895 2,027 6 63,209 3,034 2,124 7 66,243 3,180 2,226 8 69,422 3,332 2,333 9 72,755 3,492 2,445 10 76,247 3,660 2,562 11 79,907 3,836 2,685 12 83,742 4,020 2,814 13 87,762 4,213 2,949 14 91,974 4,415 3,090 15 96,389 4,627 3,239 16 101,016 4,849 3,394 17 105,865 5,081 3,557 18 110,946 5,325 3,728 19 116,271 5,581 3,907 20 121,852 5,849 4,094 TOTAL $77,701 $54,391 - 2LOCAL SAVINGS$50,000N.A.5.10%22.27x (National Avg. - 0.23%)$0Online Bank-SCENARIO
Year Rate
5.10%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,550 1,785 2 52,550 2,680 1,876 3 55,230 2,817 1,972 4 58,047 2,960 2,072 5 61,007 3,111 2,178 6 64,119 3,270 2,289 7 67,389 3,437 2,406 8 70,825 3,612 2,528 9 74,437 3,796 2,657 10 78,234 3,990 2,793 11 82,224 4,193 2,935 12 86,417 4,407 3,085 13 90,824 4,632 3,242 14 95,456 4,868 3,408 15 100,325 5,117 3,582 16 105,441 5,378 3,764 17 110,819 5,652 3,956 18 116,471 5,940 4,158 19 122,411 6,243 4,370 20 128,654 6,561 4,593 TOTAL $85,215 $59,650