Savings Calculator
See how regular saving adds up over time.
Results update as you type.
This calculator is for illustrative purposes only. Actual rates, fees and terms vary by lender. Consult a qualified financial adviser before making borrowing decisions.
How it works
The future balance shown here is what a savings account is projected to hold once a starting amount and a stream of monthly deposits have grown at the account's interest rate. It matters because it makes the payoff of a consistent saving habit visible: you can see a modest weekly or monthly deposit build into a meaningful sum and watch interest quietly do part of the work. This savings calculator compounds your opening balance and every deposit at the monthly equivalent of the annual rate, then reports both the ending balance and how much of it is interest rather than money you put in. Compounding is the reason for the formula — interest is credited to the balance and then earns interest itself, so the account grows a little faster each period. A savings calculator uses the annuity future-value method because your deposits form a regular series, each one compounding for the time that remains. Households use a savings calculator to plan for an emergency fund, a down payment, a holiday or a wedding, to compare accounts by their real yield, and to decide how much to set aside each month. For a fixed-rate account the figure is dependable; on a variable-rate account the true outcome shifts as the rate changes.
FV = start(1 + i)^n + deposit × [((1 + i)^n − 1) ÷ i], i = annual ÷ 12
The starting balance compounds on its own as start × (1 + i)^n, where i is the monthly rate and n the number of months. Each monthly deposit is a separate contribution that compounds for the months left before the end, and the bracketed term ((1 + i)^n − 1) ÷ i totals that whole series at once. Summing the two gives the future balance. The exponents encode interest earning interest, which is why later deposits add less than early ones.
Source:U.S. SEC — Investor.gov
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter monthly deposit, annual interest rate and years.
- 2
Adjust the options
Adjust starting balance if they apply — sensible defaults are already set.
- 3
Read your result
Future balance updates instantly as you type — no button to press.
Frequently asked questions
What interest rate should I enter?
Use the annual percentage yield, or APY, that your savings account, money market or certificate of deposit actually pays, since APY already reflects how often interest compounds. High-yield online savings accounts typically pay several times more than the national average at big banks, so it pays to shop. Rates on variable accounts move with central bank policy, so revisit the projection when your account's rate changes to keep it realistic.
What is a good amount to save each month?
A common guideline is to save 20% of take-home pay, split between retirement and shorter-term goals, but the right figure is whatever you can sustain consistently. Start with an amount that does not strain your budget and increase it whenever income rises or a debt is paid off. Because deposits compound, raising your monthly contribution early has an outsized effect on the final balance, more than a higher rate usually does.
How much should I keep in an emergency fund?
Most planners suggest three to six months of essential living expenses, held in an easily accessible savings account rather than invested, so it is there when you need it. If your income is variable or your job less secure, aim for the higher end. Enter your monthly expense target and a realistic timeline here to see the deposit needed to build it, then automate that transfer so the fund grows without effort.
Are deposits and interest applied monthly?
Yes. This tool treats each deposit as an end-of-month addition and compounds interest monthly, which matches how most savings accounts operate. That timing means a deposit does not earn interest for the month it arrives, only the months after — a small, realistic detail. If your account credits interest daily, the difference over a year is minor, so the monthly convention remains an accurate basis for planning your goal.
Is the projected balance guaranteed?
For a fixed-rate account or a certificate of deposit held to maturity, the math is dependable and the balance will land where the tool shows, assuming you make every deposit. For a variable-rate savings account, the outcome shifts whenever the bank changes its rate, so treat that figure as an estimate. Either way, deposits held at an insured bank up to the coverage limit carry no risk of loss to the principal.