Simple Savings Calculator
Use our savings calculator to find out how your money can grow over time. Enter your initial deposit, monthly contributions, and APY to see your total savings at the end of your chosen period.
Total savings breakdown:
Your total savings
The average APY in the U.S. is 0.6%. Enter an APY to see how much you can save, or choose an APY from one of our partners.
How to use this calculator
A savings calculator helps you determine how much you’ll have in the bank over time, based on how much you add to the account and the annual percentage yield (APY) it earns. When you input this information into the calculator, you’ll get two key outputs:
- Total amount in your account — your initial deposit plus all contributions plus all interest earned.
- Interest earned — how much your money grew thanks to compound interest.
Keep in mind: standard savings accounts earn variable APYs, which means banks can increase or decrease these rates at any time. For instance, if you calculate your interest over the next year and start with today’s APY, it may not reflect what you ultimately earn.
Factors that affect your savings
Our simple savings calculator can help you make sure you’re saving enough for your future goals, whether you plan to take a big vacation next year, get married in two years or buy a house in five years.
Initial deposit
This is how much you’ll initially contribute to the account. Whether that’s $100 or $10,000, your initial amount is crucial to your money’s growth — compound interest starts working on it from day one.
Monthly contributions
Regular monthly deposits add up significantly over time. Even small amounts — $50 or $100/month — compound into meaningful sums over years.
APY (Annual Percentage Yield)
This is your rate of return. A higher APY means faster growth. The national average is just 0.6%, but high-yield savings accounts can earn 4–5× that.
Time period
The longer your money sits in a savings account, the more it compounds. Even a few extra years can dramatically increase your total balance.
Simple savings formula
Behind the scenes, this calculator inserts the APY, number of months, and the initial and monthly deposit amounts into a formula:
Understanding your results
The calculator outputs how much interest you can earn over your set timeframe, as well as your total savings account balance. Your “Total savings breakdown” will be shown as:
To get the most out of the simple savings calculator, run a few scenarios to see how different contribution amounts and potential APYs could impact your total savings. For example, say you make an initial deposit of $1,000 to a savings account that earns 4% APY. Here’s what you can earn in two years’ time with two scenarios involving saving different amounts: saving $100/month gives you roughly $3,500, while saving $300/month grows to about $7,900.
Next steps to start saving
Follow the 50/30/20 rule
To choose how much you add to your savings each month, consider the 50/30/20 budgeting approach. This rule suggests saving 20% of your income, while devoting 50% to needs and 30% to wants.
Try the zero-based budget
With a zero-based budget, you allocate a purpose to every dollar you earn. Anything left over after bills and expenses gets allocated to savings — making it intentional rather than accidental.
Set up automated transfers
One practical strategy to ensure you save regularly is setting up regular, automated transfers to savings. If your paycheck goes to checking, set up a transfer to move money to savings on payday — you’ll save consistently without having to think about it.
Popular next steps
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