Savings calculator
Enter what you have, what you add each month and the interest rate. See where it ends up.
How savings grow
Your balance grows from two things: the deposits you make and the interest those deposits earn. Interest earns interest too, which is why a longer time has a bigger effect than a slightly higher rate.
Example: start with $5,000, add $250 a month at 4.5% interest compounded monthly. After 10 years you have $45,634. You put in $35,000 and earned $10,634 in interest.
| Monthly deposit | 5 years | 10 years | 20 years |
|---|---|---|---|
| $100 | $6,715 | $15,120 | $38,812 |
| $250 | $16,786 | $37,800 | $97,031 |
| $500 | $33,573 | $75,599 | $194,062 |
| $1,000 | $67,146 | $151,198 | $388,124 |
Rates change
Savings account rates move up and down, and the rate you enter is an assumption. If your account quotes APY, enter it as the rate and choose annual compounding. If it quotes APR with monthly compounding, use the default. The APY calculator shows how the two relate.
Early or late in the month
If you deposit at the start of each month instead of the end, each deposit earns one extra month of interest. The difference is small, but you can pick either in the calculator.
Not sure how much to save? Try the savings goal calculator, which works backward from a target.
Questions people ask
How do I calculate savings growth?
Each month the balance earns one month of interest and the deposit is added. Repeat for every month. The calculator does this for you and shows a year-by-year table.
How much will $250 a month grow to?
At 4.5% compounded monthly, $250 a month from zero grows to about $37,800 in 10 years and $97,031 in 20 years.
Should I enter APY or APR?
If you have the APY, choose annual compounding. If you have the APR, choose how often the account compounds.
Are the results guaranteed?
No. Rates can change, and the figure is a projection based on what you enter. Taxes and fees are not included.