Savings Calculator 2025

A bank interest calculator tallies how much interest you can earn over time in your savings account. These calculators will usually show you the total balance after compounding.

You can calculate the amount of simple interest your account earns by multiplying the account balance by the interest rate for a select time period. To calculate compound interest, you’ll need to add up interest earned over time. You can do that by adjusting the compound frequency in this savings calculator.

Focus on any amount that you can save consistently. Overall, there is no one answer for how much you should have in savings, but an ideal target for an emergency fund is enough to cover three to six months' worth of basic expenses. If you’re able to save 20% of your take-home income each month, for example, you may be well on your way. But it’s more important to be consistent, even if it means saving a smaller amount each month. With time, you can still reach your savings goal.

If you start with zero and put away $135 a month (about $33.75 a week) in a savings account that compounds monthly and earns a 5% annual interest rate, you would save more than $5,200 in three years. Use this savings calculator to compare other contribution amounts and yields.

If your savings account earns only a 0.01% annual interest rate, which is common with large banks, your earnings after a year would be $1. Put that $10,000 in a high-yield savings account that earns 5%, for the same amount of time, and you can earn more than $500.

The answer depends on the interest rate, deposit balances and time. The higher the rate, the faster a savings account will grow. Also, because of compounding, the more often interest is deposited into a savings account, the more the overall balance will grow. An account that compounds daily can grow slightly faster than one that compounds less frequently, such as once a month. To get the most growth over time, put your money in an account with a high yield that compounds daily.