Savings Calculator
Adjust the inputs below. Results update as you type.
How it works
FV = PV(1+r)^n + PMT × [(1+r)^n − 1]/r. High-yield savings accounts (HYSA) currently pay 4–5% APY vs. 0.01–0.5% at traditional banks. FDIC insures up to $250,000 per depositor. Automate contributions to remove spending temptation. Real (inflation-adjusted) savings growth = (1 + nominal rate) / (1 + inflation rate) − 1. Emergency fund goal: 3–6 months of expenses.
Input guidance
- Starting balance should be money you can leave invested for the full horizon.
- Contribution cadence should match how you actually save (weekly, monthly, etc.).
- APY assumptions should be realistic for the account type you are modeling.
The formula
FV = P·(1+r)^n + PMT·(((1+r)^n − 1)/r) combines growth on your starting balance with the future value of regular deposits, where r is the periodic rate and n the number of periods.
Worked example
Start with $2,000 and add $200/month at 4% for 10 years: the balance grows to about $32,500, of which $26,000 is deposits and $6,500 is interest.
More examples to test
- $2,000 start + $250/month for 5 years at 4% APY: project ending balance.
- Raise the monthly contribution by $50 and compare the 5-year difference.
How to interpret results
Use the projection to set a savings habit and timeline. Liquidity and FDIC limits matter as much as yield for emergency funds.
When this can be inaccurate
Rate changes, fees, taxes on interest, and contribution gaps are simplified.
Change history
- July 2026: Published with APY vs APR guidance and emergency-fund liquidity notes.
Site-wide corrections also appear on the corrections log.
Find a high-yield savings account
Rates updated regularly.
Frequently asked questions
What rate do savings accounts pay?+
High-yield savings accounts and CDs pay more than standard accounts, and rates move with central-bank policy. Always compare the APY, which includes compounding.
How important is regular saving?+
Very. Consistent monthly deposits usually contribute more to the final balance than interest does over short and medium horizons.
Is my savings interest taxable?+
In a regular account, yes — interest is generally taxable income. Tax-advantaged accounts can shelter it depending on the account type.
Is APY the same as APR?+
No. APY includes compounding effects; APR usually does not. Compare savings products on APY when possible.
Should emergency savings chase the highest rate?+
Yield matters, but access and deposit insurance matter more for money you may need quickly.
Guided next steps
Want the full workflow? Use this calculator inside a step-by-step guide.
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