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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.
Hypothetical; no taxes, fees, or inflation. Same model as the retirement planner for the “grow” mode.