🏦 Savings Calculator
Calculate how your savings grow over time with regular contributions and compound interest. See your future balance, total contributions, and interest earned year by year.
| Year | Contributions | Interest | Balance |
|---|
Savings Formula
Where P = initial deposit, r = annual rate, n = compounding periods/year, t = years, PMT = monthly contribution.
How to Use This Calculator
-
1Enter Initial DepositStart with whatever you have saved today — even $0 works.
-
2Add Monthly ContributionEnter how much you plan to add each month consistently.
-
3Set Rate & TimeEnter your expected annual interest rate and how many years you will save.
-
4Choose CompoundingMore frequent compounding means slightly more interest. Monthly is most common for savings accounts.
Real-World Example
Start with $1,000, contribute $200/month at 5% APY (monthly compounding) for 10 years.
Frequently Asked Questions
Compound interest means you earn interest on your interest. Each period, your interest is added to your balance, so the next period you earn interest on a larger amount. Over time this creates exponential growth.
More frequent compounding is always better for savers. Monthly compounding earns slightly more than annual. The difference is small for most savings rates but adds up over decades.
High-yield online savings accounts offer 4-5% APY. CDs offer 4.5-5.5%. Money market accounts are similar. Standard bank savings often pay under 0.5%, so shopping around matters significantly.
Starting from $0, saving $1,000/month at 7% return takes about 30 years. At $2,000/month it takes about 23 years. Starting earlier and investing in higher-return assets dramatically shortens the timeline.
Related Calculators
Compound Interest Calculator
See how your investments grow over time with the power of compounding.
Inflation Calculator
Calculate the real value of money over time accounting for inflation rate.
Future Value Calculator
Calculate the future value of a lump sum or regular investment at a given rate.