Savings Calculator
See how your savings account balance could grow with regular deposits.
Your Details
Contributions vs. Growth
What makes up your final balance
- Contributed$20.0K
- Growth$5.8K
Final Balance by Rate of Return
Sensitivity to your assumed return
Balance Growth Over Time
Total balance year by year
Contributed vs. Growth by Year
How growth accelerates over time
How It Works
- Enter your starting balance and regular contribution.
- Enter your expected annual rate of return.
- Set your time horizon in years.
- Press Calculate to update your results and charts.
Formula Used
P = starting balance, r = periodic rate, t = number of periods, PMT = deposit per period.
Good to Know
- • Starting earlier matters more than contributing more later.
- • Small rate differences compound into large gaps over decades.
- • Consistent contributions smooth out market swings.
Important Notes
- • Returns are assumed, not guaranteed.
- • Figures don't account for taxes or fees unless noted.
- • Past performance doesn't predict future results.
Savings Accounts vs. Investing
Savings accounts trade growth potential for safety and easy access — the balance doesn't drop with market swings, but the rate of return is usually modest compared to investing. That makes savings accounts a good fit for money you might need soon, like an emergency fund, while longer-term goals often do better in an account with higher (but less certain) expected returns.
Why Small, Regular Deposits Add Up
The "Contributed vs. Growth by Year" chart above usually shows deposits dominating the total for years before growth starts contributing meaningfully. That's normal for savings-account rates — the real value often comes from the discipline of consistent deposits rather than the interest rate itself, especially over shorter time horizons.
Laying Out the Terminology
- APY (Annual Percentage Yield) — the effective annual rate a savings account earns, accounting for compounding.
- High-yield savings account — an account offering a meaningfully higher APY than a traditional bank savings account.
Seeing the Math Work: A 10-Year Savings Goal
$2,000 starting balance, $150/month, at 4.5% APY over 10 years:
Future value ≈ $23,100
Interest earned ≈ $3,100
At this more modest savings-account rate, deposits — not interest — make up the vast majority of the final balance, unlike higher-return investment scenarios where compounding contributes a larger share.
APY Comparison Table
$2,000 + $150/mo over 10 years:
| APY | Future Value |
|---|---|
| 0.5% (traditional bank) | $20,470 |
| 4.5% (high-yield) | $23,100 |
Common Errors to Sidestep With Savings Accounts
- Leaving money in a low-yield account — the gap between 0.5% and 4.5% APY adds up significantly.
- Not checking for minimum balance fees — some high-yield accounts have requirements to earn the top rate.