A web-based software supplied by Axos Financial institution helps customers decide the potential return on their deposit accounts. This software sometimes requires inputs similar to deposit quantity, rate of interest, and compounding frequency to calculate the annual proportion yield (APY). For instance, a person may enter a $10,000 deposit with a 4% rate of interest compounded month-to-month to see the ensuing APY and general return after a selected interval.
Understanding potential returns is essential for efficient monetary planning. Such instruments empower customers to make knowledgeable selections about the place to deposit their funds by evaluating yields throughout totally different accounts and establishments. Traditionally, calculating compound curiosity was a fancy handbook course of. Digital instruments have simplified these calculations, offering larger transparency and accessibility for people searching for to maximise their financial savings progress.
