💰 Financial
Savings Calculator
Find out how much your savings account will grow over time. Factor in your starting balance, regular deposits, and your bank's Annual Percentage Yield (APY).
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Formula
A = P(1+r/n)^(nt) + PMT × [((1+r/n)^(nt) - 1) / (r/n)]A- Final savings balance
P- Starting balance
PMT- Regular deposit amount
r- Annual interest rate
n- Compounding frequency (usually monthly or daily)
t- Time in years
Example
Emergency Fund Goal
Saving $100 a month in a High-Yield Savings Account (HYSA) at 4% APY for 5 years.
- Total contributions: $100 × 12 months × 5 years = $6,000.
- Calculate interest: The account earns $652 in interest over the 5 years.
- Result: Your final emergency fund balance will be $6,652.
Frequently Asked Questions
The Interest Rate is the base rate the bank pays. The APY (Annual Percentage Yield) includes the effect of compound interest over a year. APY represents the actual amount you will earn in one year.
Traditional brick-and-mortar banks often pay near 0% interest. To maximize your savings, look for High-Yield Savings Accounts (HYSAs) typically offered by online banks.