Savings Calculator
Plan how a savings account grows. Enter what you have today, how much you add each month, the interest rate and how often it is compounded, and the number of years. The calculator shows the final balance, how much of it is your own deposits and how much is interest, the effective annual rate, balances at milestones and – if you set a goal – when you reach it.
- Runs in your browser
- No sign-up
- Free to use
Assumes a constant rate and deposits at the end of each month, before tax.
How to use Savings Calculator
- Enter the starting balance and monthly deposit.
- Enter the interest rate and compounding.
- Choose the number of years and a goal.
- Read the balance and the milestones.
Savings Calculator features
Compounding options
Daily, monthly, quarterly, yearly.
Goal tracking
When you reach your target.
Milestones
Balance after selected years.
Effective rate
Annual equivalent yield.
Formula shown
Every result explains how it was calculated.
Any currency
Choose from 30+ currencies; amounts are formatted for it.
When to use Savings Calculator
- Emergency fund planning.
- Saving for a deposit or a car.
- Comparing savings accounts.
- Teaching compound interest.
Savings Calculator FAQ
What is compound interest?
Interest earned on earlier interest. The longer you save, the bigger this effect becomes.
Does compounding frequency matter much?
A little: monthly compounding at 4% gives about 4.07% a year. The rate and time matter far more.
Are taxes included?
No. Interest may be taxable where you live.
What about inflation?
Use the Inflation Calculator to see what the final balance is worth in today’s money.
Does compounding frequency matter much?
A little: monthly compounding earns slightly more than yearly at the same rate. The amount saved and the time invested matter far more.
Why starting early matters
Time is the strongest lever in saving: money deposited early earns interest for longer, and that interest earns interest too. Ten years of regular saving at a modest rate often produces a noticeable share of the balance from interest alone.
Rates on savings accounts change; re-run the numbers when your bank changes its rate.
Example: starting with 1,000 and adding 100 a month at 4% interest compounded monthly grows to about 16,216 after ten years. You paid in 13,000; the remaining 3,216 is interest, and more of it comes in the later years as interest earns interest.
Real accounts can have changing rates, fees and taxes on interest, which this calculator does not include. Use it to compare scenarios – a higher monthly amount usually matters more than a slightly higher rate.