Savings Calculator
Enter a starting balance, a monthly deposit and an interest rate to see how your savings grow year by year, and how much of the final balance is interest.
Enter your figures below. Results update as you type.
Savings balance$19,627.24
- Your deposits 89%
- Interest earned 11%
- Total deposited
- $17,500.00
- Interest earned
- $2,127.24
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| 1 | $5,500.00 | $157.47 | $5,657.47 |
| 2 | $8,500.00 | $443.58 | $8,943.58 |
| 3 | $11,500.00 | $863.57 | $12,363.57 |
| 4 | $14,500.00 | $1,422.90 | $15,922.90 |
| 5 | $17,500.00 | $2,127.24 | $19,627.24 |
- Balance
- Your deposits
How the Savings calculation works
Balance next month = balance x (1 + monthly rate) + deposit
Deposits are added at the end of each month. Interest is converted to an equivalent monthly rate from the compounding frequency you choose, so daily and monthly compounding can be compared fairly.
Frequently asked questions
How much should I keep in savings?
A widely used target is three to six months of essential expenses as an emergency fund, held somewhere accessible such as a high-yield savings or money market account.
What is the difference between APR and APY on a savings account?
APR is the stated rate; APY includes compounding and is what you actually earn in a year. Convert between them with the APY calculator.
How do I calculate interest on a savings account?
For one year, multiply the balance by the APY: $10,000 at 4% APY earns $400. Over longer periods interest compounds, so each year's interest is calculated on a larger balance.
How much of my income should I save?
A common guideline is the 50/30/20 budget: 50% of take-home pay for needs, 30% for wants and 20% for savings and extra debt payments. Any amount saved regularly is a good start.
How do I calculate my savings rate?
Divide what you save each month by your income and multiply by 100. Saving $800 out of $4,000 of take-home pay is a 20% savings rate.
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