Savings Calculator
See how your savings grow over time with regular deposits and compound interest. Enter a starting balance, monthly deposit, rate, and timeframe.
Assumes monthly deposits and interest compounded monthly at a steady rate. Savings rates change over time.
How to use this calculator
Enter your starting balance, your monthly deposit, the account's APY, and the number of years. You'll see your future balance, total deposited, and interest earned.
How savings growth works
Each deposit adds to your balance, and interest compounds on the whole amount. Over time the interest itself starts earning interest, so the balance grows faster the longer you save.
Worked example
$1,000 to start plus $300/month at 4% APY for 10 years grows to about $45,000, of which roughly $8,000 is interest.
Frequently asked questions
How will my savings grow?
Your balance grows from regular deposits plus interest compounded on the running total. The calculator projects the future balance and splits it into deposits versus interest earned.
What is APY?
APY (annual percentage yield) is the real rate of return including compounding. It's the number to compare between savings accounts and CDs.
How much should I save each month?
A common target is to save 20% of income, but any consistent amount helps. Try different monthly deposits to see how much faster you reach your goal.
Does this account for taxes or inflation?
No. Interest in a taxable account may be taxed, and inflation reduces purchasing power over time. Treat the result as a pre-tax, nominal estimate.