Total contributed
$0.00
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Savings Calculator — Interest & Final Balance
See how regular saving grows over time. Set a starting balance, a monthly contribution, an annual interest rate (savings accounts average 0.5-4.5% APY in 2024-2026), and a time horizon.
$0.00
final balance
Interest earned
$0.00
Compounded monthly. To model quarterly compounding or APY that includes fee effects, use the compound-interest tool with the same numbers.
How compound interest works
Compound interest means you earn interest on the interest you already earned. A savings account at 5% APY grows about 5% a year on average, but the actual curve steepens over time — most of the growth happens in the back half of the period.
How this calculator works
The calculator uses monthly compounding, which is the standard for high-yield savings accounts. Each month, your balance earns (rate / 12) interest, then your monthly contribution is added on top.
Frequently asked questions
How much should I save each month?
A common guideline is 10-15% of take-home pay for retirement, plus a separate emergency fund of 3-6 months of expenses. Whether you hit that target matters less than consistency — even $50/month over 30 years grows to six figures with average stock-market returns.
What interest rate should I use?
For a high-yield savings account (HYSA) in 2024-2026, 4-4.5% APY was common. For a checking account it is often 0%. For a CD or treasury bill it can be 4-5%. For a stock portfolio, the long-term real return is about 7% nominal / 4.5% real, but year-to-year it varies wildly — this tool is for fixed-rate planning.
Why does the balance grow so much in later years?
Because of compounding: the interest you earn in year 10 is itself earning interest in year 11, and so on. A 5% return on $10,000 is $500 in year 1 but $1,500+ in year 30, because the base is now $30,000. This is why starting early matters more than the amount.
Last updated — rates and figures change over time, so always confirm with the current source.
Estimates for general information only, not financial advice — see our disclaimer.