US Savings calculator
See what your savings account will be worth with regular deposits at today's rates — and what switching from a low legacy rate is actually worth.
Savings plan
Use the advertised APY/AER of your high-yield savings account (HYSA). Interest compounds monthly in this model.
Protection: FDIC-insured up to $250,000 per depositor, per bank (NCUA for credit unions).
Note: savings rates are variable and move with central-bank rates — revisit your rate at least yearly.
Interest may be taxable depending on your market and account type. Estimates only — not financial advice.
Understanding your inputs
- Starting balance
- The amount already in the account when you begin.
- Monthly deposit
- What you add each month, compounded at your account's rate.
- Interest rate / APY
- Your account's annual yield — the gap between a legacy rate and a high-yield account compounds fast.
- Saving for (years)
- How long you'll keep saving before drawing on the balance.
Understanding your results
- Final balance
- The projected account value after deposits and compounding.
- Total deposits
- The sum of your starting balance plus every monthly deposit.
- Interest earned
- How much the account earned on top of what you put in.
How savings growth is calculated
The balance compounds monthly at your APY (annual percentage yield) while your deposits are added each month. APY already includes the effect of compounding, which is why it's the number to compare between accounts — a 4% APY beats a "4% nominal, paid annually" rate.
The rate is almost everything
The most expensive financial mistake most households quietly make is savings sitting at a legacy rate. $20,000 plus $250/month for five years earns about $3,900 at 4% APY — and barely $460 at 0.5%. Identical deposits, identical protection, roughly $3,400 difference. High-yield accounts at FDIC/FSCS/CDIC/FCS-covered institutions carry the same government protection as the big household names.
Where savings accounts fit
- Emergency fund — 3–6 months of essential expenses belongs here, not invested. Size yours with the emergency fund calculator.
- Short-horizon goals — money needed within ~3 years shouldn't ride the stock market.
- Known future dates — if the date is fixed (a deposit next spring), a CD or term deposit can lock today's rate.
Mind the fine print
Savings rates are variable and follow central-bank rates down as well as up; promotional "bonus" rates often expire after a few months; and some accounts cap withdrawals. Recheck your rate at least once a year — switching takes minutes and compounds for years. Interest is generally taxable outside sheltered wrappers (ISA in the UK, TFSA in Canada), at your marginal rate.
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Frequently asked questions
How much interest will I earn on my savings?
Is a high-yield savings account safe?
Savings account or CD/fixed-rate deposit?
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