😎 First made 20 years in the past, final up to date in 2026! Zero AI used! 😜
Serious about shifting your money to a special checking account with the next rate of interest? Every month, I analysis the excessive rates of interest obtainable on money. Huge banks and corporates earn billions of {dollars} in your idle money when it earns you nothing.
For instance, you might need $10,000 in a financial savings account incomes 3.00% APY and also you wish to know if it’s price shifting to at least one incomes 4.00% APY. Use this helpful calculator to learn the way far more cash you would earn by switching, which you then can weigh in opposition to the effort and time required.
My Cash Weblog Final Charge Chaser Calculator
Notes
- This calculator relies on a rate-chasing breakeven time components developed right here an extended, lengthy, very long time in the past (2006!) which takes under consideration the “days of misplaced curiosity”, or the time in between transfers the place the cash will not be incomes curiosity in both account.
- The components truly makes use of APR, not APY. APY takes under consideration compounding frequency. The overwhelming majority of on-line financial savings accounts compound curiosity each day. I additionally made a APY to APR calculator. These days, I simply assume each day compounding so to simply enter the APY as a substitute of getting to transform. A small minority of financial savings accounts do compound month-to-month, however most of these are the megabanks paying you 0.01% APY anyway.
- Normally, there may be between 0-3 days of misplaced curiosity when going from one financial institution to a different. This will depend on the insurance policies of both financial institution and likewise which financial institution initiates the switch. This worth can considerably have an effect on the break-even time when the distinction is small.
- The 6-month worth (182 days) isn’t merely 6 instances the 1-month worth (30 days), because the calculator takes under consideration the time wanted first to “break-even”.
- One other issue to contemplate is how possible the present price distinction will persist. Rates of interest on financial savings accounts can change at any time, whereas certificates supply a hard and fast price over the assured interval.
Final up to date 2/16/26.