Savings Interest Calculator
Calculate how your savings grow with compound interest. Compare APY rates, see inflation-adjusted returns, and find how much to save to reach your goals.
| APY | Future Value | Total Interest | vs Your Rate |
|---|---|---|---|
| 0.5% | $72,038 | $2,038 | $-19,423 |
| 1.0% | $74,155 | $4,155 | $-17,306 |
| 2.0% | $78,636 | $8,636 | $-12,825 |
| 3.0% | $83,473 | $13,473 | $-7,989 |
| 4.0% | $88,695 | $18,695 | $-2,766 |
| 5.0% | $94,337 | $24,337 | +$2,876 |
| Year | Total Deposits | Year Interest | Mo. Interest | Balance |
|---|---|---|---|---|
| 1 | $16,000 | $598 | $49.81 | $16,598 |
| 2 | $22,000 | $901 | $75.11 | $23,499 |
| 3 | $28,000 | $1,219 | $101.58 | $30,718 |
| 4 | $34,000 | $1,551 | $129.27 | $38,269 |
| 5 | $40,000 | $1,899 | $158.23 | $46,168 |
| 6 | $46,000 | $2,262 | $188.52 | $54,430 |
| 7 | $52,000 | $2,643 | $220.21 | $63,073 |
| 8 | $58,000 | $3,040 | $253.36 | $72,113 |
| 9 | $64,000 | $3,456 | $288.04 | $81,570 |
| 10 | $70,000 | $3,892 | $324.30 | $91,461 |
Compounding: Interest is calculated and added to the balance at the selected compounding frequency. Daily compounding yields slightly more than monthly or yearly.
APY vs APR: APY (Annual Percentage Yield) already accounts for compounding effects. This calculator uses APY directly applied at the compounding frequency for simplicity.
Inflation: The inflation-adjusted value shows what your future savings would be worth in today's purchasing power. Default is 3% annual inflation.
Disclaimer: This calculator provides estimates for educational purposes only. Actual returns may vary. Interest rates can change. Savings account rates are variable and not guaranteed. FDIC insurance covers up to $250,000 per depositor per institution.
How to Use Savings Interest Calculator
- 1Enter initial deposit and monthly contributions
- 2Set APY and compounding frequency
- 3View projected growth over time
- 4Compare different APY rates
Frequently Asked Questions
What is the difference between APR and APY?▾
APR is the simple annual interest rate. APY (Annual Percentage Yield) includes the effect of compounding. APY is always equal to or higher than APR and represents your true annual return.
How often does interest compound in savings accounts?▾
Most savings accounts compound daily. Some compound monthly or quarterly. Daily compounding earns slightly more than monthly or quarterly compounding at the same APY.
What is a good savings account interest rate?▾
As of 2024, high-yield savings accounts offer 4-5% APY. Traditional bank savings accounts may offer 0.01-0.5%. Online banks typically offer the highest rates.
About Savings Interest Calculator
Calculate how your savings grow with compound interest. Compare APY rates, see inflation-adjusted returns, and find how much to save to reach your goals.
NexTool's Savings Interest Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
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