Savings Calculator
Savings Compound Interest Calculator
See how a savings account, such as a high-yield savings account (HYSA), grows with regular deposits.
Green: balance. Grey: total deposited. The gap between them is interest.
National average rates
Average rates paid by all US insured banks and credit unions, from the FDIC, as of . High-yield accounts usually pay much more than the national average, so compare current offers. Tap a rate to try it in the calculator.
Year by year
| Year | Total deposited | Interest earned | Balance |
|---|
This is an estimate for education, not financial advice. Real rates change, and accounts may cap balances or change terms. Interest is usually taxable. Nothing you type is sent anywhere.
How compound interest works
Interest is calculated on your balance, and then the interest itself starts earning interest. That is compounding. In a high-yield savings account, interest is typically added daily or monthly, and the account quotes an APY (annual percentage yield), which already includes the effect of compounding. This calculator uses the APY you enter and applies it evenly each month.
Deposits are added at the end of each month. The longer the money stays in, and the more you add early, the bigger the share of the final balance that comes from interest instead of your own deposits. Watch the grey and green areas in the chart move apart over time.
APY, APR and what to look for in a savings account
- APY vs APR: APR is the simple yearly rate before compounding. APY includes compounding, so it is a bit higher than the APR. Compare accounts using APY.
- Rates are variable: a high-yield account's rate can change at any time. Try a few rates in the calculator to see how much it matters.
- Fees and minimums: some accounts charge fees or require a minimum balance to earn the advertised rate.
- Insurance: in the United States, check that the bank is FDIC insured, or the credit union is NCUA insured, and be aware of the coverage limits.
- Inflation: use the inflation box to see what your final balance is worth in today's money.
For lump sums and different compounding, see the future value calculator.
Frequently asked questions
What is a good rate?
Rates change with the economy and differ by bank. The table above shows the FDIC's national averages, which are what typical accounts pay. High-yield savings accounts usually pay well above these averages. Look up current offers from several insured banks and enter the APY here to see the effect.
How long until my money doubles?
The calculator shows it under the results. As a shortcut, divide 72 by the rate: at 6%, about 12 years.
Does it include taxes?
No. Interest on savings is generally taxable, so your after-tax growth will be lower.