Savings Calculator

Margarette BurnetteDecember 4, 2020
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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:

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/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.

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