Savings Calculator
Find out how much you could have saved. Enter your starting balance, how much you add each month and your account APY.
When to use this calculator
Use this calculator to set a savings goal and see how long it takes. Enter what you have, what you can add each month, and the APY your account pays. It shows the balance, your total deposits and the interest earned.
Example savings balances
How this calculator works
APY (annual percentage yield) already includes compounding, so we turn it into an equal monthly growth rate. Your starting balance grows at that rate, and each monthly deposit is added at the end of the month.
Step-by-step example
Using these inputs: Starting balance ($): 1000; Monthly deposit ($): 250; Account APY (%): 4; Years: 5.
Starting with $1,000 and adding $250 a month at a 4% APY for 5 years gives $17,761. You deposit $16,000 and earn $1,761 in interest, about $3,552 saved per year on average.
Tips for a better estimate
- Compare APY across banks. High-yield savings accounts often pay several times a basic account.
- Set up an automatic transfer on payday so saving happens before spending.
- Build an emergency fund of three to six months of expenses first.
FAQ
What is APY?
APY is the real yearly return after compounding. A 4% APY means 100 dollars becomes 104 dollars after one year.
Will my rate stay the same?
Not always. Savings account rates can change, so treat the result as an estimate.
Is the interest taxable?
Interest from a regular savings account is usually taxable income.
What is APY?
Annual percentage yield is the yearly return on your account including compounding.
Are savings account rates fixed?
Usually not. Most savings accounts have variable rates that can change at any time.
Is my savings account insured?
Accounts at FDIC-insured banks are covered up to $250,000 per depositor, per bank, per ownership category.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.
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