Savings Calculator
See how your savings grow over time with regular deposits and compound interest. Enter your initial deposit, monthly contribution, interest rate, and time horizon.
Formula reviewed for accuracy. Our methodology & sources
Savings Calculator
finance calculator
How It Works
The calculator compounds your balance every month: each monthly deposit is added, then the whole balance earns one month of interest at one-twelfth of the annual rate. Because interest is earned on past interest, the longer you save the larger the share of your final balance that comes from growth rather than your own deposits. Increasing the monthly deposit usually moves the needle more than a slightly higher rate in the early years.
Formula
Balance = Initial × (1+r)^n + Monthly × [((1+r)^n − 1) / r]
Examples
$1,000 + $200/month at 4% for 5 years
Grows to about $14,500.
Frequently Asked Questions
How much will my savings grow?
It depends on your deposits, interest rate, and time. Compound interest accelerates growth — the longer you save, the larger the share that comes from interest rather than deposits.
What is a good savings interest rate?
High-yield savings accounts currently offer around 4-5% APY. Traditional savings accounts often pay under 1%. Shop around for the best rate.
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