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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.
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.
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There is no one answer, but the general standard is to 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.
Multiply the account balance by the interest rate for a select time period. The result is the amount of interest the account earns in that time period.
A balance of $5,000 can grow by more than $50 in a couple of years at a rate of 0.50% APY, even if you don't make any extra deposits. The higher the rate, the faster a savings account will grow. Also, because of, the more often your bank deposits interest into your savings account, the more the overall balance will grow.