🏦 Savings Calculator

Savings Calculator

Calculate how your savings account grows over time, or find out how much you need to save monthly to reach a goal.

Savings Details

Enter your savings parameters

$
$
%
0.1%15%
1yr40yrs
Future Balance
$—
Enter details and calculate
Total Interest
$—
Total Deposited
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Interest Earned
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Effective APY
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Monthly Interest
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Starting Balance—
Monthly Deposits—
Total Deposited—
Interest Earned—
Final Balance—
Effective APY—

About the Savings Calculator

This savings calculator shows exactly how your money grows in a savings account, HYSA, or CD. Enter your starting balance, regular monthly deposits, and interest rate. Switch to "Monthly Savings Needed" mode to work backwards from a financial goal — enter the amount you want to save and the calculator tells you the required monthly deposits.

FAQ

What is APY?
APY (Annual Percentage Yield) is the effective annual interest rate accounting for compounding. A 4.5% rate compounded monthly has an APY of 4.594%. APY lets you compare accounts with different compounding frequencies.
What is a HYSA?
A High-Yield Savings Account (HYSA) offers significantly higher interest rates (3-5% in 2024-25) than traditional savings accounts (0.01-0.1%). They are FDIC-insured and available at online banks.
How much should I have in savings?
Financial experts generally recommend 3-6 months of living expenses in an emergency fund, plus separate goal-based savings (e.g., house down payment, vacation, education).