Use this savings calculator to help you see how your money can grow over time. When you put money into a savings account, the bank pays you interest on it.
Savings Calculator
Project your wealth growth with compound interest
Common Questions About Savings
How does compound interest work?
Which compound frequency is best?
How much should I save each month?
What is the difference between APY and APR?
Is a high-yield savings account safe?
What Is a Savings Calculator
A savings calculator helps you see how your money can grow over time. When you put money into a savings account, the bank pays you interest. This tool shows you exactly how much you'll have after months or years of saving. You can test different amounts and interest rates to plan your financial future.
Input Fields Explained
Initial Deposit
This is the amount you start with. Maybe you have $1,000 from a tax refund or $5,000 you've been keeping at home. Enter that number here to see how it grows with your regular savings.
Monthly Contribution
This is how much you plan to add each month. Even small amounts like $50 or $100 can make a big difference over time. Pick a number that fits your budget and won't leave you short on bills.
Interest Rate
Banks pay you for keeping money with them. This rate is shown as a percentage. Right now, some online banks offer 4-5% while others might give you less than 1%. Check your bank's current rate and plug it in.
Period (Years)
How long will you keep saving? If you're building an emergency fund, maybe 2-3 years. Planning for a house down payment? You might choose 5-10 years. The longer you save, the more interest you earn.
Compound Frequency
This tells you how often the bank adds interest to your account. Monthly means they calculate it every 30 days. Daily means they do it every single day. More frequent compounding means slightly more money for you.
Reading Your Results
Total Balance
This big number shows everything you'll have at the end. It includes both the money you put in and all the interest the bank paid you. This is what you'll see in your account when you reach your goal.
Total Contributed
This is the total amount of money you deposited. Take your initial amount and add up the monthly payment. This number doesn't include any interest earned.
Interest Earned
This is free money from the bank. It's the difference between your total balance and what you contributed. The higher your interest rate and the longer you save, the bigger this number gets.
Growth Chart
The chart shows two areas. The gray part at the bottom represents your contributions. The blue area on top shows your interest earnings. Watch how the blue section gets bigger over time—that's compound interest at work.
Tips for Better Results
Start as early as you can. Even one extra year of saving can add thousands to your final total. If possible, increase your monthly amount when you get a raise at work.
Shop around for better interest rates. Online banks often pay more than traditional banks. Moving your money to a higher-rate account can boost your earnings with minimal effort.
Be consistent with your deposits. Set up automatic transfers so you never forget. Treating savings like a regular bill helps you stick to your plan.
Conclusion
This calculator eliminates the guesswork from savings planning. You can try different scenarios in seconds instead of doing complicated math. Use it to set realistic goals and track your progress. Small changes in your inputs can lead to big differences in your results, so experiment until you find a plan that works for your life. Remember, the best savings strategy is one you can actually follow through on.