Simple Savings Calculator
Use this savings calculator to determine exactly how much money you should put away each month to meet your savings goal, whether it’s one year, five years, 10 years, or longer.
When you tap into the power of compound interest, your savings build by more than just the amount you put in because you start earning interest on your interest.
Simple Savings Calculator
Project your ending balance with monthly contributions and compound interest.
Results update automatically as you enter your savings details.
$0.00
Full Calculation Breakdown
- Starting Balance $0
- Total Contributions $0
- Interest Earned $0
Total contributions, interest earned, and balance over your timeline.
| Year | Total Contributions | Interest Earned | Total Interest | Ending Balance |
|---|
Calculator Methodology: Projects growth from starting balance, monthly contributions, APY, compounding frequency, and timeline. Deposits added monthly; interest compounds at selected frequency.
Find the Best Savings Account Rates
Finding the banks with the best savings accounts to meet your needs is as simple as checking out our list below. Compare rates, fees, accessibility, and more.
INSIGHTS
Smart Tip: Because interest rates and amounts you can afford to save change over time, experiment with the savings goal calculator to see how plugging in different amounts affects your results. Resetting your target date, for example, could help you understand when your savings goal becomes feasible for your budget.
Savings Account Calculator Instructions
Use this calculator to estimate how your savings could grow over time. Enter your starting balance, monthly deposits, interest rate, timeline, and compounding frequency. Results update automatically as you adjust your inputs, so you can compare different scenarios in seconds.
Step 1: Enter Your Starting Balance
Add the amount you already have saved. This is your opening balance before any new contributions. Try different amounts to see how a larger or smaller starting point affects your ending total.
You must enter either a starting balance or a monthly contribution (or both) for the calculator to run.
Step 2: Add Your Monthly Contributions
Enter how much you plan to deposit each month. If you save on a different schedule, convert it to a monthly figure first. For example, $100 per week equals $5,200 per year, or about $433 per month.
Step 3: Enter Your Annual Interest Rate
Input the annual percentage yield (APY) your account earns. Shop around and compare rates from savings accounts, money market accounts, and CDs to see how a higher APY can boost your total over time.
Step 4: Set Your Time to Grow
Choose how long you plan to save. Use the Years or Months toggle next to the time field, then enter your timeline (1 to 50 years, or 12 to 600 months). Saving for a home in five years, building an emergency fund in 18 months, or planning long term all work the same way: the calculator shows your projected balance at the end of that period.
Step 5: Select Your Compounding Frequency
Choose how often interest is compounded: Daily, Monthly, or Annually. More frequent compounding generally helps your balance grow slightly faster at the same APY. Monthly compounding is selected by default.
Review Your Results
On the right side of the calculator, you will see:
- Total Savings Balance: Your projected ending amount
- Interest share: The percentage of your final balance that comes from interest
- Full Calculation Breakdown: A visual breakdown of your Starting Balance, Total Contributions, and Interest Earned
Use the breakdown to see how much of your growth comes from money you deposit versus interest you earn.
Explore the Savings Growth Schedule
Below the inputs, the Savings Growth Schedule shows how your balance builds over your timeline.
Chart view (default)
The chart plots Interest Earned, Total Contributions, and Total Balance over time. Hover over a point on desktop, or tap a point on mobile, to see period-by-period details including ending balance, contributions, interest earned, and total interest.
Table view
Switch to Table for a detailed schedule with columns for contributions, interest earned, total interest, and ending balance. When you select Months, the table shows month-by-month rows. When you select Years, it shows yearly totals. Long schedules are split across pages (10 rows per page); use Prev, Next, or the page numbers to move through the full schedule.
Export CSV
Click Export CSV to download the full schedule for your records or for use in a spreadsheet.
Understand compounding assumptions
How to Find the Best Savings Account
Shopping for a savings account and deciding on the right one involves ensuring your money is secure and earning the best possible return. Here’s how to go about it.
Determine Your Savings Goals
Consider your savings objectives, whether an emergency fund, a down payment, a vacation, or other financial goals. Knowing what you’re saving for will help you decide on the type of account and how you manage it.
Understand Account Types
- Regular Savings Accounts: These offer easy access to your money and are suitable for short-term savings or emergency funds.
- High-Yield Savings Accounts: These typically offer higher interest rates, making them ideal for longer-term savings goals.
Compare savings results with HYSA options
Compare Interest Rates
Look for savings accounts with competitive interest rates. Online banks and credit unions often offer higher rates than traditional banks.
Check for Fees
Some accounts have monthly maintenance fees or transaction fees. Look for funds with no or minimal fees to maximize your savings.
Minimum Balance Requirements
Be aware of minimum balance requirements. Some accounts require you to maintain a certain balance to avoid fees.
Accessibility
Ensure the account offers convenient access to your funds through ATMs, online banking, mobile apps, or in-person visits, depending on your preferences.
FDIC or NCUA Insurance
Verify that your savings account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your deposits.
Read Account Terms
Carefully read the terms and conditions of the account, including withdrawal limits and any penalties for early withdrawals.
Consider Customer Service
Assess the quality of customer service provided by the financial institution, as you may need assistance or have questions in the future.
Explore Account Features
Look for features like automatic transfers, sub-accounts, and tools for tracking and managing your savings.
Open an Account
Once you’ve compared various savings accounts, choose the one that best aligns with your needs and goals and open the account.
Set Up Automatic Transfers
Automate your savings by setting up regular transfers from your checking account to your savings account. This ensures consistency in saving.
Monitor and Adjust
Regularly review your savings progress and adjust as needed to meet your goals.
Remember that the right savings account can depend on your specific financial situation and goals. What works for one person may not be the best choice for another. By considering your individual needs, you can find the savings account that’s most suitable for you.
Find the best savings accounts based on your inputs
How to Save Money Fast
When you’re serious about reaching financial goals, set SMART targets. These are targets that are:
- Specific
- Measurable
- Attainable
- Relevant
- Time-bound
The savings goal calculator can help you set and achieve your SMART savings goals by helping you:
- Break your larger goal into precise amounts that fit your budget.
- Refine your goal to make sure it is attainable.
- Determine when you will reach your goal.
- Compare current interest rates.
Check potential earnings with a specific bank
Frequently Asked Questions
How much to save for a down payment depends on many factors, such as how much homes are in your area, whether you’re a first-time home buyer, and how good your credit is. If you have good credit and are a first-time buyer, you may qualify to put as little as 3% of a home’s purchase price as a down payment. If you live in an area where home prices are high, you may need to save considerably more.
That’s a good amount to put into monthly savings, but how much you’ll earn will depend on how much interest you earn and how long you save. If you do this for five years assuming 1% interest, you’ll earn a whopping $1,550.30 in interest and save up $62,550.30. In many areas of the country, this would be a sufficient down payment for a house.
Even if you weren’t earning any interest, saving money is a worthwhile endeavor. The most important reason to save money is for an emergency fund. You should have three to six month’s worth of your income saved in case of job loss, and you should also have money set aside for other emergencies that may come your way, such as car repairs.
Compare rates for several different banks and accounts based on how much you can start with and how much you plan to save. MoneyRates has up-to-date rates and will help keep you in the loop when rates change or a new offer comes on board.