Savings Calculator
See how your savings account grows with regular contributions over time.
Compare current high-yield savings rates
$31,807
Total Deposits
$25,000
Interest Earned
$6,807
Formula
Calculates how much your savings will grow with regular deposits and compound interest.
A = P(1 + r)^t + PMT × [((1 + r)^t - 1) / r]
Worked Example
Starting with $5,000, save $300/month at 4% APY for 5 years:
- Starting balance: $5,000
- Monthly deposits: $300
- Total contributions: $23,000 ($5k + $300 × 60 months)
- Final balance: $25,995
- Interest earned: $2,995
Common Questions
Where should I keep my savings?
High-yield savings accounts (4–5% APY) or money market accounts. Avoid regular savings (0.01% APY)—the difference compounds to hundreds of dollars annually.
What if I can only save $100/month?
$100/month for 5 years = $6,000 saved + interest. Every bit counts. Start small, then increase as income grows.
Should I set up automatic transfers?
Yes. "Pay yourself first"—automate transfers to savings on payday. Out of sight = less temptation to spend.
Key Takeaways
- Compound interest works in your favor—your money earns interest, then interest earns more interest.
- Move savings to high-yield accounts; 4% vs. 0.01% adds hundreds to your final balance over years.
- Automate and stay consistent—small regular deposits outperform sporadic large ones.