Plan your savings with an initial deposit and monthly contributions to see your future balance.
Enter your initial deposit, the amount you plan to save each month, the annual interest rate your savings account offers, and the number of years you will save.
Click Calculate to see your final balance, total deposits made, and the interest earned on your savings.
Experiment with different monthly amounts to find a savings plan that meets your financial goals.
Savings growth formula:
FV = P(1 + r/12)^(12t) + D × [((1 + r/12)^(12t) − 1) / (r/12)]Where P = initial deposit, D = monthly deposit, r = annual interest rate, and t = time in years.
Example: $1,000 initial deposit with $500/month at 4.5% APY for 10 years:
Example 2: $5,000 initial, $200/month at 3.8% for 5 years:
A high-yield savings account offers an interest rate significantly above the national average (often 4–5% APY vs. 0.01% at traditional banks). They are typically offered by online banks with lower overhead costs.
Financial advisors generally recommend an emergency fund of 3–6 months of living expenses. Beyond that, save based on your goals: retirement, home purchase, or other major expenses.
Yes, interest earned on savings accounts is considered taxable income in the United States. Your bank will issue a 1099-INT form if you earn more than $10 in interest during the year.