Bank bonus calculator
A sign-up bonus turned into a yearly rate on the balance it asks for, set against the interest that money earns where it is now.
Off the offer. Enter 0 if it pays no interest.
What you would give up by moving it. Enter 0 if it earns nothing.
The bonus as a yearly rate
24.00%
$300 on $5,000 kept for 3 months
- Bonus
- $300.00
- Interest the account pays
- $6.25
- Interest given up
- $50.00
- Ahead or behind
- $256.25
A bonus is paid once, so the yearly rate is only a way to compare it with a rate: it lasts as long as the months you entered and no longer. The interest figures are simple interest on a balance that does not change. Offers have conditions this cannot see, such as new money only, direct deposits, a date the bonus is paid, and fees. A bonus is usually taxable and that is left out. An estimate, not financial advice.
Questions
- Why turn a bonus into a rate?
- So it can be compared with one. $300 for keeping $5,000 for three months and $500 for keeping $50,000 for six are hard to rank as dollar amounts and easy as rates.
- Does the rate last?
- No. A bonus is paid once. The yearly figure only describes the months you entered, and after that the money earns whatever the account ordinarily pays.
- Is a bonus taxed?
- A cash bonus for opening an account is usually reported as interest income. The calculator leaves tax out, so what you keep will be lower.
Why this number behaves the way it does
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