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Savings Calculator
Use this free savings calculator to understand how your money can grow over time.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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.
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.
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 0.13%, though some high-yield savings accounts earn much more.
2.00%SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
1.70%1.70% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 08/12/2022.
1.60%Advertised Online Savings Account APY is accurate as of 08/12/2022
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.00%The Aspiration Save Account’s up to 5.00% Annual Percentage Yield (“APY”) with up to 71x the national interest rate is variable, subject to change, and only available to customers enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY after conditions are met.
1.60%The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 1.60% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of August 01, 2022. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
2.00%SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
There is no one answer, but the general standard is to build your savings to cover three to six months' worth of basic expenses. If you are able to save 20% of your take-home income each month, you may be well on your way. But even if you save a smaller amount, be consistent, and you can reach your savings goal.
How do you calculate interest on a savings account?
Multiply the account balance by the interest rate for a select time period. The result is the amount of simple interest the account earns in that time period.
If you started with zero and put away $150 a month (about $37.50 a week) in a savings account that earns 0.50% APY, you would save more than $5,000 in under three years. Use this savings calculator to compare other contribution amounts.
How much interest can you earn on $10,000?
If your savings account earns only 0.01% APY, your earnings after a year would be $1. Put that $10,000 in a high-yield savings account that earns 0.50% APY for the same amount of time, and you can earn about $50.
How much will a savings account grow?
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.
How can I save $5,000?
If you started with zero and put away $150 a month (about $37.50 a week) in a savings account that earns 0.50% APY, you would save more than $5,000 in under three years. Use this
If your savings account earns only 0.01% APY, your earnings after a year would be $1. Put that $10,000 in a high-yield savings account that earns 0.50% APY for the same amount of time, and you can earn about $50.
How much will a savings account grow?
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.
