Deposit Account Comparison
Compare two deposit accounts from balances, disclosed APYs, and annual fees.
Description
Deposit-account value combines a stated APY with annual fees under a constant balance assumption.
Deposit-account value combines a stated APY with annual fees under a constant balance assumption.1
Compare two deposit accounts from balances, disclosed APYs, and annual fees.
When to use Deposit Account Comparison
Use this tool to compare two deposit accounts from balances, disclosed APYs, and annual fees.
Prepare the supplied account terms, common-currency amounts or recorded indicators requested. Determine applicable thresholds separately.
How to use Deposit Account Comparison and understand its results
- Prepare the supplied account terms, common-currency amounts or recorded indicators requested. Determine applicable thresholds separately.
- Enter firstBalance, firstApyPercent, firstAnnualFees, secondBalance, secondApyPercent, secondAnnualFees using the field table and calculation rules, then run the tool.
- Read firstNetAnnualValue, secondNetAnnualValue, preferredOption. The explanation below defines the units, signs, ordering and any flags or placeholder values.
- If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.
| Input field | Meaning | Value type; see rules below | Requirement |
|---|---|---|---|
| firstBalance | First balance (currency) | number; minimum: 0 | Required |
| firstApyPercent | First APY (%) | number | Required |
| firstAnnualFees | First annual fees (currency) | number; minimum: 0 | Required |
| secondBalance | Second balance (currency) | number; minimum: 0 | Required |
| secondApyPercent | Second APY (%) | number | Required |
| secondAnnualFees | Second annual fees (currency) | number; minimum: 0 | Required |
Enter nonnegative balances/fees and finite signed APYs. Return both net values and first/second/tie by exact comparison.
annualNet=balance×APY/100−fees Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.
| Output field | Meaning | Value type |
|---|---|---|
| firstNetAnnualValue | First net annual value (currency) | number |
| secondNetAnnualValue | Second net annual value (currency) | number |
| preferredOption | Higher net option | string; one of "first", "second", "tie" |
{
"input": {
"firstBalance": 10000,
"firstApyPercent": 4,
"firstAnnualFees": 0,
"secondBalance": 10000,
"secondApyPercent": 4.2,
"secondAnnualFees": 30
},
"output": {
"firstNetAnnualValue": 400,
"secondNetAnnualValue": 390,
"preferredOption": "first"
}
}Limitations and assumptions
No current offers, tax, changing balance, fee eligibility or intra-year cash flow is modeled.
Numeric inputs, where present, must be finite. Follow the calculation-specific rules for overflow, underflow and exceptional cases. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors.
Alternative or Complementary methods
Use Merchant Pricing Comparison: Compare caller-supplied interchange-plus and blended merchant-pricing terms. For a complementary task, use Relationship Bonus Tracker: Compare caller-supplied expected and observed records for relationship bonus tracker.
References
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Deposit Account Comparison — tool.io
Similar or alternative tools
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