Savings Calculator

See how much your savings will grow, or work out how much to put away each month to reach a goal by a certain date.

I want to
Balance after 5 years
–
Total deposits–
Interest earned–

How your savings grow

Savings grow in two ways: the money you deposit, and the interest the account pays on your balance. Banks advertise interest as an APY (annual percentage yield), which already includes compounding. This calculator turns the APY into an equivalent monthly rate, adds your deposits at the end of each month, and grows the balance month by month.

Worked example

You have $5,000 in a high-yield savings account paying 4.5% APY and add $200 a month. After 5 years:

  • Your deposits total $17,000 ($5,000 + 60 × $200)
  • Interest adds about $2,629
  • Your balance is about $19,629

Planning for a savings goal

Switch to Reach a goal to work backward. To save $10,000 in 3 years from nothing at 4.5% APY, you need to deposit about $260 a month. Without interest you would need $278. The interest does part of the work for you.

Tips to save faster

  • Automate it. Schedule a transfer for the day after payday, so saving happens before spending.
  • Compare APYs. Online banks often pay several times more than traditional savings accounts.
  • Save windfalls. Put part of tax refunds, bonuses and raises straight into savings.
  • Separate goals. Many banks let you open several accounts, one for each goal.

Locking money away for a fixed term? Compare with the CD calculator.

Last reviewed October 2026.

Frequently asked questions

What APY should I use?

Use the annual percentage yield your bank advertises for the account. High-yield savings accounts and CDs often pay much more than a traditional savings account, so it is worth comparing banks. Remember that savings account rates can change over time.

How much should I keep in savings?

A common guideline is an emergency fund that covers three to six months of essential expenses, kept somewhere you can reach quickly. Money for goals several years away may suit a CD or other options.

How does the savings goal mode work?

It works backward from your target. Enter how much you want, what you have now, the APY and the time frame, and it finds the monthly deposit that reaches the goal, counting the interest you will earn along the way.

Are savings accounts safe?

Deposits at FDIC-insured banks and NCUA-insured credit unions are protected up to $250,000 per depositor, per institution, per ownership category.

Is interest on savings taxed?

In the US, interest from regular savings accounts is generally taxable income in the year it is earned. Your bank reports it on Form 1099-INT. Tax-advantaged accounts like IRAs follow different rules.