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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.
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.
» Learn how to grow your money faster by reading this explainer on compound interest
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 0.24%, though some high-yield savings accounts earn much more.
» Want to upgrade your account? Check out NerdWallet's picks for the best high yield online savings accounts
Rates are on the rise for certificates of deposit and savings accounts thanks to the Federal Reserve’s actions this year.
How much should I save each month?
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.
» Dig deeper. Learn how to calculate interest in a savings account