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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.

You can also qualify for membership by being a family member of a current or potential Listerhill member.

With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.

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Savings Calculator

How to Calculate Interest on Savings

With a savings account, your money grows over time based on how much you save each month, the interest rate on the account, and how long you save.

This savings calculator is designed to illustrate how your savings will grow using compound interest, which is the most common type of interest for savings accounts. The interest in this calculator is compounded monthly.

Enter how much your initial deposit will be or how much you currently have in savings as the Starting Amount. Move the Monthly Savings slider to the amount you plan to contribute each month. Adjust the Interest Rate slider to the interest rate on your savings account. Finally, move the Years to Save slider to see how much you can save over time if you keep saving the same amount each month.

Savings Calculator Help

Starting Amount: This is the initial principal that you plan to deposit or that’s in your account now.

Monthly Savings: This slider represents the amount of money you intend to contribute every month.

Years to Save: This shows how many years your savings will be in the account.

Interest Rate: This is the compound interest rate (APY) of your savings account.

Common FAQs

  • What is an average interest rate?

    Interest rates vary greatly depending on the type of account, supply and demand, and what the Federal Reserve sets. For a typical savings account, you could expect anywhere from 0.01-0.08%. For a high yield savings account, on the other hand, it’s not uncommon to see interest rates of 0.2%-0.6%. A CD (certificate of deposit) can earn 0.07-1.2%, or even higher, depending on the length and financial institution.

    (Source: Banzai)

  • How does compound interest work?

    Compound interest means that the money you earn in interest also earns interest, rather than just the principal. Basically, the amount of interest you earn will grow every time interest is added (or compounded) rather than staying the same. This makes it ideal for savings accounts. The formula for calculating compound interest is A = P (1 + r/n)^(nt). The variables for this formula are:

    • A = Total amount
    • P = Principal or staring amount
    • r = Annual interest rate
    • n = Number of times interest is added per time period
    • t = Number of time periods

    (Source: Banzai)

  • How do you calculate interest on a savings account?

    The simplest way to calculate interest is to use an online savings calculator like this one. But if you want to do the math yourself, you can plug your information into the compound interest formula of A = P (1 + r/n)^(nt).

    (Source: Banzai)

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Frequently Asked Questions

  • What are some factors to consider when choosing a rewards credit card?

    Determine whether you prefer cash back, travel points, or other reward types. Then, explore how and when reward points accumulate, if there are spending caps, and how easy it is to redeem your rewards. Financial institutions like credit unions tend to offer great rewards credit cards.

  • How can I compare credit card offers before making a decision?

    Carefully review rewards programs, like cash back or travel miles, when comparing credit cards. Also, consider the rewards rate, interest rates, annual fees, and any additional benefits the card includes.

  • What are the benefits of choosing a credit union's credit card compared to others?

    Our credit cards reward you for making purchases. They feature competitive interest rates and fewer fees than traditional banks. Members benefit from personalized customer service. We work closely with you to understand your financial situation and needs.

  • What if I prefer to make my payments through a pre-authorized automatic payment arrangement (ACH)?

    Please contact TruHome at 844-203-3642 to set up automatic payments or visit here to set them up yourself.

  • What if I prefer to make my payments through the Listerhill Mobile Banking app or Online Banking?

    Unfortunately, when the transfer occurs, mortgages will not be displayed on our app or in online banking, but we are working to bring that functionality ASAP.

    In the meantime, please visit here to view all mortgage information and payment options.