Savings Calculator
Enter your deposit, monthly contributions, and interest rate to see exactly how your savings grow — year by year.
Savings Calculator
Balance after 10 years
$16,687
Total Deposited
$13,000
Interest Earned
$3,687
Balance breakdown
Year-by-Year Breakdown
| Year | Balance | Deposited | Interest |
|---|---|---|---|
| Year 1 | $2,271 | $2,200 | $71 |
| Year 2 | $3,600 | $3,400 | $200 |
| Year 3 | $4,991 | $4,600 | $391 |
| Year 4 | $6,445 | $5,800 | $645 |
| Year 5 | $7,966 | $7,000 | $966 |
| Year 6 | $9,557 | $8,200 | $1,357 |
| Year 7 | $11,222 | $9,400 | $1,822 |
| Year 8 | $12,962 | $10,600 | $2,362 |
| Year 9 | $14,783 | $11,800 | $2,983 |
| Year 10 | $16,687 | $13,000 | $3,687 |
How to Use This Calculator
- 1 Enter your initial deposit — the amount you're starting with today (can be $0).
- 2 Set your monthly contribution — what you plan to add each month consistently.
- 3 Choose your annual interest rate — use 4–5% for a high-yield savings account, or 7–8% for a long-term investment projection.
- 4 Set your time horizon and optionally enter a savings goal to see when you'll reach it.
How to Grow Your Savings Faster
- ✓ Open a high-yield savings account (HYSA) — most pay 4–5% APY vs 0.01–0.5% at traditional banks. That difference compounds significantly over years.
- ✓ Automate your monthly contribution on payday — before you have a chance to spend it. Automation beats willpower every time.
- ✓ Increase your contribution by just $25–$50 after every raise or when you pay off a loan. Small increases compounded over years have outsized impact.
- ✓ Keep the emergency fund in your HYSA separate from your everyday checking — this earns interest while you wait, and the slight friction prevents impulsive withdrawals.
Frequently Asked Questions
What is a realistic interest rate for a savings account?
High-yield savings accounts (HYSA) currently offer 4–5% APY (2024–2026), compared to 0.01–0.5% at traditional banks. For long-term investment projections, broadly diversified stock index funds have historically returned approximately 7–10% annually, or 6–8% after inflation. Use 4–5% for cash savings and 6–8% for long-term investment projections.
How often should I compound interest for best results?
More frequent compounding (daily vs monthly) produces marginally better results, but the difference is small at typical savings rates. On $10,000 at 5% for 10 years, daily vs annual compounding differs by less than $200. The rate and time period matter far more. The advertised APY on savings accounts already accounts for compounding frequency.
How much should I save each month?
The standard guideline is 20% of take-home income. For most households, even $100–$200/month consistently, started early, compounds into meaningful wealth over decades. Consistency matters more than amount — small regular contributions outperform irregular large deposits.
What is the Rule of 72?
Divide 72 by your annual interest rate to estimate how many years to double your money. At 4%: 18 years. At 6%: 12 years. At 9%: 8 years. At 12%: 6 years. The rule is an approximation but accurate within 1–2 years for rates between 3–15%.
Is a savings calculator the same as a compound interest calculator?
Similar, but a savings calculator emphasises regular monthly contributions and goal-setting. A compound interest calculator typically models a single lump sum. If you're building toward a specific savings goal with monthly deposits, the savings calculator is the right tool.
Related Guides
Related tools:
Compound Interest Calculator Investment Return Calculator Debt Payoff Calculator