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.
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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.
Most savings accounts compound daily. Some compound monthly or quarterly. Daily compounding earns slightly more than monthly or quarterly compounding at the same APY.
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.
Using the Savings Interest Calculator is simple: visit the tool page, enter your data or input into the provided fields, and get instant results. No downloads, installations, or sign-ups are required. The tool runs directly in your web browser for maximum convenience.
Yes, the Savings Interest Calculator is 100% free to use with no limitations. There is no registration required, no daily usage caps, and no hidden fees. You can use it as many times as you need.
The Savings Interest Calculator uses industry-standard formulas and algorithms to deliver reliable results. While the tool is designed for accuracy, results should be used as estimates and guidance. For critical decisions, always consult a qualified professional.
Yes, after running your calculation you can copy the results to your clipboard or take a screenshot. The Savings Interest Calculator displays a detailed breakdown so you can easily record or share your numbers. No account is required to use or save results.
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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.
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| 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.