Savings Calculator
See how your savings grow from regular deposits and interest at a given APY.
A savings calculator shows how a balance grows from regular deposits plus interest. $1,000 to start, $200 a month, at a 4% APY for 5 years reaches about $14,500, of which roughly $1,500 is interest. Savings accounts quote an APY, which already includes compounding, so it's the number to compare across banks. Enter your plan to see the total.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
Future value after 5 years
$14,480.79
What you put in vs. interest earned
Balance by year
| Year | You put in | Interest | Balance |
|---|---|---|---|
| 1 | $3,400 | $85 | $3,485 |
| 2 | $5,800 | $272 | $6,072 |
| 3 | $8,200 | $564 | $8,764 |
| 4 | $10,600 | $965 | $11,565 |
| 5 | $13,000 | $1,481 | $14,481 |
About the Savings Calculator
This calculator shows how everyday savings build from two sources: the deposits you make and the interest the bank pays. Savings accounts advertise an annual percentage yield, or APY, which already folds in how often the account compounds, so it is the honest number to compare between banks — a headline rate without the compounding tells you less. The trade-off with savings is safety versus growth. Money in an FDIC-insured account is protected up to the legal limit and available when you need it, but the rate rarely beats inflation by much, so savings are the right home for an emergency fund and short-term goals rather than long-term wealth. One thing to watch: savings rates are variable, meaning the bank can change the APY at any time as market rates move, so a rate that looks good today may not hold for the full period shown here. For goals many years away, an invested account usually grows faster, at the cost of short-term ups and downs.
Frequently asked questions
What is APY, and why does it matter?+
Annual percentage yield is the real yearly return after compounding is included. Because it already accounts for how often interest is added, APY lets you compare two accounts fairly, unlike a bare interest rate.
How much should I keep in savings?+
A common guideline is three to six months of essential expenses as an emergency fund, plus anything you'll need within a few years. Money you won't touch for a long time often grows better invested.
Will my savings rate stay the same?+
Not necessarily. Savings APYs are variable and banks adjust them as market rates change, so the projection here assumes a steady rate that may rise or fall in reality.
Is a savings account safe?+
Deposits at an FDIC-insured bank (or NCUA-insured credit union) are protected up to $250,000 per depositor, per institution. The main risk is that the rate may not keep pace with inflation.