Savings Calculator
Use this free savings calculator to estimate how your savings account balance will grow over time with regular deposits and compound interest.
National average: 0.45% | High-yield: 4-5%
$38,188
$29,000
$9,188
4.59%
Savings Breakdown
| Year | Deposit | Interest | Balance |
|---|---|---|---|
| 1 | $2,400 | $289 | $7,689 |
| 2 | $2,400 | $413 | $10,502 |
| 3 | $2,400 | $542 | $13,443 |
| 4 | $2,400 | $677 | $16,520 |
| 5 | $2,400 | $818 | $19,738 |
| 6 | $2,400 | $966 | $23,105 |
| 7 | $2,400 | $1,121 | $26,625 |
| 8 | $2,400 | $1,282 | $30,308 |
| 9 | $2,400 | $1,452 | $34,159 |
| 10 | $2,400 | $1,629 | $38,188 |
Our savings calculator helps you visualize your financial future by showing how regular deposits combined with compound interest can grow your money over time.
Getting Started
- Enter your starting amount (initial deposit) - this is how much you have to deposit initially.
- Set your planned monthly savings contribution - the amount you'll deposit each month.
- Choose your time horizon in months or years.
- Enter your expected interest rate (APY) - check your bank for current rates.
APY represents the real rate of return on your savings, accounting for compound interest. Unlike simple interest rates, APY shows you exactly how much your money will earn in a year. The average national savings rate in the U.S. is around 0.45%, but high-yield savings accounts can offer 4-5% or more.
- •Emergency Fund Rule: Aim for 3-6 months of living expenses in savings.
- •50/30/20 Rule: Allocate 20% of your income to savings and debt repayment.
- •Pay yourself first: Set up automatic transfers to savings on payday.
- •High-yield accounts: Compare APYs - even small differences compound over time.
Traditional Savings
Basic accounts with lower rates, easy access, FDIC insured up to $250,000.
High-Yield Savings
Online banks often offer 10-12x higher APY than traditional banks.
Money Market Accounts
Higher rates with check-writing privileges, may require higher minimums.
Certificates of Deposit (CDs)
Fixed rates for fixed terms, early withdrawal penalties apply.