Savings Calculator
Use the free savings calculator below to understand how your money can grow over time. When you put money in a savings account, the interest you earn builds on itself.
» Want to upgrade your account? Check out NerdWallet's best high-yield online savings accounts.
Or to compare some top savings accounts, check out the table below:
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
Savings calculator help
Starting balance: This is the amount you plan to deposit in the savings account initially.
Monthly contributions: This is the amount you will deposit on an ongoing monthly basis. It's an optional field.
Time to grow: This is the period of time your money will be in savings without a withdrawal. You can select a number of years or months.
Annual interest rate: This is the yield you expect to earn. The national average savings rate is 0.04%, though some high-yield savings accounts, like the ones above, earn much more.
Savings calculator tip
First, run the numbers without a monthly deposit. Then try it again with $25 or $100 per month to see how regularly adding even a small amount can move you closer to your savings goal. You can take a deeper dive with this explainer on compound interest.
» Saving for a short-term goal? Take a look at NerdWallet's best one-year CD rates.