Savings Interest Calculator - Calculate Savings Growth

Savings Details

Required Inputs

Initial Deposit

Annual Interest Rate (%)

Savings Period (Years)

Optional Inputs

Monthly Deposit

Compound Frequency

Savings Summary

Final Balance

Total Deposits

Interest Earned

Effective Annual Yield

Year-by-Year Breakdown

Year	Starting Balance	Deposits	Interest	Ending Balance

Understanding Savings Interest

How Compound Interest Works

Compound interest is when you earn interest on both your initial deposit and the interest already earned. The more frequently interest compounds, the more you earn over time.

Savings Account Types

High-Yield Savings: Offers higher interest rates, typically 4-5% APY
Traditional Savings: Lower rates but more accessible, often at local banks
Money Market Accounts: Similar to savings but may offer check writing
Certificates of Deposit (CDs): Higher rates but funds locked for a term

Tips to Maximize Savings

Shop around for the best interest rates - online banks often pay more
Set up automatic monthly transfers to build the habit
Consider laddering CDs for higher rates while maintaining liquidity
Keep 3-6 months of expenses in emergency savings