Savings Calculator

Use this free savings calculator to understand how your money can grow over time.

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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

🤓Nerdy Tip

Rates are on the rise for certificates of deposit and savings accounts thanks to the Federal Reserve’s actions this year.

LendingClub Bank logo
Learn More

Member FDIC

LendingClub High-Yield Savings

LendingClub Bank logo
APY

3.25%

Min. balance for APY

$0

SoFi logo
Learn More

Member FDIC

SoFi Checking and Savings

SoFi logo
APY

3.25%

Min. balance for APY

$0

Marcus by Goldman Sachs logo
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Member FDIC

Marcus by Goldman Sachs Online Savings Account

Marcus by Goldman Sachs logo
APY

3.00%

Min. balance for APY

$0

Discover Bank logo
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Member FDIC

Discover Bank Online Savings

Discover Bank logo
APY

3.00%

Min. balance for APY

$0

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

Frequently asked questions

If you started with zero and put away $150 a month (about $37.50 a week) in a savings account that earns 2% APY, you would save more than $5,500 in three years. Use this savings calculator to compare other contribution amounts.

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 2% APY for the same amount of time, and you can earn more than $200.

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.

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