- Initial Deposit - how much you are starting with today.
- Monthly Deposit - how much you add each month (set to $0 for one-time deposit).
- Annual Interest Rate (APY) - find this on your savings account or CD offer. High-yield savings accounts currently offer 4-5% APY.
- Savings Period - how many years you plan to save.
Savings Calculator
Project how much you'll save with regular contributions over time.
$
$
%
Yrs
Deposited 88.6%Interest 11.4%
| Final Balance | $14,680.91 |
| Total Deposited | $13,000.00 |
| Interest Earned | $1,680.91 |
| Year | Balance | Deposited | Interest |
|---|---|---|---|
| 1 | $3,496.06 | $3,400.00 | $96.06 |
| 2 | $6,106.80 | $5,800.00 | $306.80 |
| 3 | $8,837.47 | $8,200.00 | $637.47 |
| 4 | $11,693.58 | $10,600.00 | $1,093.58 |
| 5 | $14,680.91 | $13,000.00 | $1,680.91 |
How to Use the Savings Calculator
Savings Growth Formula
FV = P(1 + r/n)^(nt) + PMT * [(1 + r/n)^(nt) - 1] / (r/n) Where: FV = Future value (final balance) P = Initial deposit PMT = Monthly contribution r = Annual interest rate (decimal) n = 12 (monthly compounding) t = Time in years
Frequently Asked Questions
APY (Annual Percentage Yield) reflects the actual annual return including compounding. APR (Annual Percentage Rate) does not include compounding. A savings account with 4.89% APR compounded monthly has an APY of 5.0% (slightly higher). When comparing savings accounts, always compare APY, not APR, because APY shows what you actually earn. Banks are required to disclose APY on savings products.
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