Free savings calculator
Project your savings balance over time — enter starting balance, monthly contribution, APY, and years to see future value and total interest earned, updated live, as you type.
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Hypothetical projection at fixed rate. Actual savings returns vary. Excludes taxes.
Results are estimates. Consult a professional.
How the savings calculator works
A savings calculator projects how much your account will grow over time by combining three forces: your starting balance (present value), regular contributions, and compound interest. Every period the bank pays you interest on both your deposits and on the interest already earned — this compounding is what makes savings accelerate over longer horizons.
Most high-yield savings accounts compound daily or monthly. The calculator uses annual percentage yield (APY), which already accounts for compounding frequency, so the annual formula is straightforward. For monthly contributions the calculation uses the monthly equivalent rate.
Worked example: $3,000 initial, $200/mo, 5 years
You open a high-yield savings account with $3,000, contribute $200 every month, and earn 4.5% APY. How much will you have after 5 years (60 months)?
Savings growth: $1,000 initial + $200/mo at various rates
The table below shows projected balances for a $1,000 starting balance with $200 monthly contributions at three common APY levels. Compare these to the national average savings rate (often below 0.5%) to see the impact of choosing a high-yield account.
| Time horizon | 3% APY | 4.5% APY | 5.5% APY |
|---|---|---|---|
| 3 years | $8,573 | $8,789 | $8,942 |
| 5 years | $14,657 | $15,367 | $15,861 |
| 10 years | $34,083 | $37,628 | $40,207 |
| 20 years | $93,988 | $116,566 | $133,758 |
Source: calculated using FDIC-published APY methodology; assumes monthly compounding.
Tips for growing your savings faster
The math is simple; the discipline is the hard part. These five habits can meaningfully close the gap between your projection and your reality.
- Automate every deposit — set a recurring transfer the day after payday so the money moves before you spend it. Automation converts intention into action.
- Chase APY, not brand loyalty — a 1% difference on $20,000 is $200 per year. High-yield online savings accounts routinely pay 4–5× the national average.
- Treat windfalls as deposits — tax refunds, bonuses, and gifts hit your account at random. Route 50–100% directly into savings before lifestyle inflation absorbs them.
- Re-run this calculator when rates change — the Fed moves rates, and your bank's APY follows. A rate cut of 1% on a $30,000 balance costs you $300/yr in foregone interest.
- Separate accounts by goal — keeping an emergency fund, a vacation fund, and a down-payment fund in distinct accounts prevents accidental spending and shows visible progress toward each goal.
Accuracy and limitations
This calculator assumes a constant APY for the entire projection period. In practice, savings account rates are variable and can change monthly. Over 10- or 20-year horizons the actual return will differ from the projection, sometimes significantly. The calculation also assumes contributions are made at the end of each month (ordinary annuity); if your bank credits contributions mid-month the actual balance may be slightly higher.
This calculator is provided for educational and planning purposes only. It does not constitute financial advice. Projected balances are not guaranteed. Consult a licensed financial advisor before making savings or investment decisions.
Savings terms defined
About this savings calculator
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