Savings Calculator
See how your savings grow over time — enter your balance, monthly contributions, and interest rate for an instant projection.
Saving consistently — even small amounts — is how most wealth is built. Compound interest rewards patience above everything else.
4–5%
Annual yield on high-yield savings accounts in 2026 — 10× higher than traditional banks
$7,500
$50/month for 10 years at 4.5% — proof that small habits build real money
3–6mo
Emergency fund target that financial experts recommend before investing
What this means for your savings
Small, consistent habits outperform one-time windfalls over time.
The high-yield savings advantage
Traditional bank savings accounts pay 0.01–0.5%. High-yield savings accounts at online banks often pay 10–20× more. Moving $10,000 from 0.5% to 4.5% earns an extra $400/year — just from switching accounts.
Monthly contributions beat lump sums
Most people don't have a lump sum to deposit. The good news: consistent monthly contributions are actually more powerful than you think. $200/month for 10 years at 4.5% grows to over $30,000 — from a habit, not a windfall.
Emergency fund first, then invest
Before chasing higher investment returns, build a 3–6 month emergency fund in a liquid savings account. It removes the risk of liquidating investments at a loss when life happens. Financial resilience before financial growth.
How the Savings Calculator Works
Formula
FV = P × (1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) − 1) / (r/n))
Where:
P = Initial balance (starting savings)
PMT = Monthly contribution (adjusted for compound period)
r = Annual interest rate (as a decimal)
n = Compounds per year (12 for monthly)
t = YearsEnter your starting balance
The amount you already have saved — can be $0 if you're starting fresh.
Set your monthly contribution
How much you'll add each month. Even $50 makes a significant difference over a decade.
Enter your interest rate
Check your account's APY. High-yield savings accounts typically offer 4–5% in 2026.
Choose your time horizon
How many years you'll save for. The longer, the more powerful the compounding.
Select compound frequency
Most savings accounts compound monthly. Annual compounding gives slightly lower results.
This calculator uses the standard compound interest formula. Monthly contributions are converted to match your chosen compound frequency for accurate results.
High-yield savings accounts (HYSAs) from online banks typically pay 4–5% APY — dramatically more than traditional savings accounts. The rate difference alone can mean tens of thousands of dollars over 10–20 years.
Frequently Asked Questions
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