For Loop Problem (Compound Interest with linked Savings and CD Account)

I am having issues with this problem that involves for loops. The problem starts with monthly deposits of (300,350,350,350,400), each being deposited into a savings account every month for a year. The account compounds the interest monthly at a rate of 4%. Every time the savings account reaches over 3000, 2000 is withdrawn into the CD account which is compounded yearly at a rate of 6%. I am having difficulty having the Savings Balance compound every month. I also can't get figure out why my if statement isn't working correctly. I realize I'm probably far off from a functioning script but this is what I have. Can anybody lend a hand or offer some hints?

 Deposits=[300,350,350,350,400];
 SavRate=1.04; CDRate=1.06;
 for year=1:5
    for month=1:12
        k=1:5;
        SavBal=sum(Deposits(k)*month*SavRate);
    end
    if SavBal>=3000
        SavBal=SavBal-2000;
        CDBal=CDBal+2000*CDRate;
    end
end
disp(SavBal)
disp(CDBal)

Answer 1

[Asad (Mehrzad) Khoddam]

Here is the code. As you assumed, for the first year we add monthly values to the saving account

MonthlyDeposit=sum([300,350,350,350,400]);
SaveBal=MonthlyDeposit;
Deposits=MonthlyDeposit;
SaveRate=1.04; CDRate=1.06;
 CDBal=0;
 for year=1:5
    for month=1:12
        if year<2
            SaveBal=SaveRate*SaveBal + MonthlyDeposit;
        else
            SaveBal=SaveRate*SaveBal;
        end
        if SaveBal >= 3000
            SaveBal=SaveBal-2000;
            CDBal=CDBal+2000;
        end
    end
    CDBal=CDBal*CDRate;
 end
disp(SavBal)
disp(CDBal)