Savings Calculator
Calculate your savings growth with compound interest, plan for financial goals, and optimize your saving strategy.
What would you like to calculate?
Savings Information
Account Settings
Results
Future Value
Total Contributions
Interest Earned
Savings Growth Over Time
Indigo = interest earned, gray = money you deposited.
How it works
A savings calculator grows a starting balance plus regular deposits at your account's interest rate, compounding each period. Because interest earns interest, consistent monthly deposits build a balance well above the sum of what you put in — and the effect snowballs the longer you save.
Future value of regular deposits
FV = PV(1 + r)ⁿ + PMT · [(1 + r)ⁿ − 1] / r
- FV
- balance at the end
- PV
- starting balance
- PMT
- deposit each period
- r
- interest rate per period (APY ÷ periods)
- n
- number of deposits
Worked example
- Start with $0
- Deposit $200/month at 4% APY (~0.333%/month)
- 10 years → n = 120 deposits
- FV = 200 × [(1.00333¹²⁰ − 1) / 0.00333]
Balance ≈ $29,450 from $24,000 deposited — about $5,450 is interest.
Good to know
- Compare accounts by APY, not the nominal rate: APY already bakes in the compounding frequency, so it's the apples-to-apples number.
- Automating the deposit is the real trick — it removes the decision each month and lets compounding do the work.
- Interest in a regular savings account is taxable; a tax-advantaged account (IRA, ISA, etc.) keeps more of the growth.
- If your rate is below inflation, your balance grows but its purchasing power can still shrink.
Related Calculators
Frequently Asked Questions
How does compound interest grow my savings?
You earn interest on both your deposits and previously earned interest: A = P(1 + r/n)^(nt), plus the growth of ongoing contributions. The longer the horizon, the more the compounding effect dominates.
What is the difference between APR and APY?
APY includes the effect of compounding within the year, while APR does not. Compare savings accounts by APY — it reflects what you'll actually earn.
How big should my emergency fund be?
Three to six months of essential expenses in an accessible account is the standard guideline. With variable income or a single-earner household, leaning toward six to twelve months adds a safety margin.
How long will it take to reach my savings goal?
Enter your starting balance, monthly contribution, and rate to solve for time. For a quick doubling estimate, use the rule of 72: 72 divided by the interest rate approximates the years to double.
Should I keep savings in a bank account or invest it?
Money needed within about three to five years belongs in high-yield savings or CDs, where the balance can't drop. Longer-term goals can generally afford market risk in exchange for higher expected growth.