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Savings Calculator

See exactly how your savings grow with regular deposits and compound interest.

Calculate Your Savings Growth

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Final Balance
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Total Deposited
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Interest Earned
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Return on Deposits
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Effective Annual Rate

The Power of Consistent Saving

Even small monthly contributions add up dramatically over time. Saving just $300/month at 4.5% APY for 20 years results in over $115,000 — with more than $43,000 of that being interest you earned for free.

The key variables are your contribution amount, interest rate, and time horizon. Starting earlier — even with smaller amounts — almost always outperforms starting later with larger contributions.

Savings Calculator FAQ

What is APY vs. interest rate?
APY (Annual Percentage Yield) accounts for compound interest, while the interest rate is the simple rate before compounding. A 4.5% interest rate compounded monthly results in an APY slightly above 4.5%. Banks typically advertise APY for savings accounts, so use that number here.
What's a realistic interest rate to use?
High-yield savings accounts (HYSAs) often pay between 4%–5% in a higher-rate environment. Money market accounts and CDs may pay similar rates. For investment accounts, a commonly used long-term average for stock market growth is 7%–10% (before inflation), though this is not guaranteed.
How much should I save each month?
A popular guideline is the 50/30/20 rule — spend 50% of take-home pay on needs, 30% on wants, and save at least 20%. However, even saving 5%–10% consistently is a great start. Use this calculator to see what's achievable given your income.
Does compounding frequency matter much?
For most savings accounts, the difference between monthly and daily compounding is minimal — often just a few dollars per year on typical balances. The much bigger factor is your contribution amount and time horizon.