Free High-Yield Savings Account Calculator
Use our free high-yield savings account calculator to see how your money can grow with the best high-yield accounts. Quick, accurate, and no login is required.
Just play around with different APYs to see what is best for you before you commit to opening a savings account.
High-Yield Savings Calculator
Final Balance
$0.00
Total Deposits
$0.00
Interest Earned
$0.00
Key Inputs Explained
Initial Deposit
This is the amount of money you start with when opening your savings account. Think of it as the seed money that will grow over time.
For example, if you have $1,000 saved up and want to open a high-yield savings account, that $1,000 is your initial deposit.
Monthly Contribution
This is the amount you plan to add to your account each month. Even small regular contributions can make a big difference over time.
For instance, if you decide to save $100 from every paycheck, that’s your monthly contribution.
APY (Annual Percentage Yield)
APY tells you how much interest you’ll earn in one year, including the effect of compound interest. It’s shown as a percentage.
For example, if your account has a 4.5% APY, that means you’ll earn 4.5% on your money over the course of a year, compounded at the frequency you select.
Saving Period
This is how long you plan to save money. You can set this in years or months.
For example, if you’re saving for a car you want to buy in 3 years, you would set your saving period to 3 years. The longer you save, the more your money can grow through compound interest.
Compound Frequency
This is how often the bank calculates and adds interest to your account. Options include daily, weekly, bi-weekly, monthly, quarterly, semi-annually, or annually.
The more frequently interest is compounded, the faster your money grows. Most high-yield savings accounts compound interest daily or monthly.
Final Balance
This is the total amount of money you’ll have in your account at the end of your saving period. It includes your initial deposit, all your monthly contributions, and all the interest you’ve earned.
This number shows you how much your money has grown over time.
Total Deposits
This is the sum of all the money you’ve put into the account yourself. It includes your initial deposit plus all your monthly contributions.
This number doesn’t include any interest earned – it’s just the total amount you’ve saved from your own money.
Interest Earned
This is the money the bank has paid you for keeping your funds in their account. It’s calculated by subtracting your total deposits from your final balance.
This amount represents how much your money has earned just by sitting in the account and collecting interest.