Savings Calculator
Use this free savings calculator to understand how your money can grow over time. When you put money in a savings account, the interest you earn builds on itself.
Savings details
APY
With $0 min. balance for APY
Bonus
$200
Terms Apply.
at Barclays, Member FDIC
APY
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
at SoFi Bank, N.A., Member FDIC
APY
4.55%
With $5,000 min. balance for APY
Bonus
N/A
at CIT Bank, Member FDIC
Using this savings calculator
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🤓 Tip: First, run the numbers without a monthly deposit. Then try it again with a deposit amount that fits your budget. See how regularly adding any amount can move you closer to your savings goal.
Starting balance: This is the amount you plan to deposit in the savings account initially.
Contribution amount: This is the amount you will deposit on an ongoing basis, whether monthly or annually.
Time to grow: This is the number of years your money will be in savings without a withdrawal.
Annual interest rate: This is the rate you expect to earn each year. The average national savings rate is 0.45%, though some high-yield savings accounts earn much more.
Compound frequency: This is how often interest is added to the account. Note that the total yield considers both interest rate and compound frequency.
» Want to upgrade your account? Check out NerdWallet's picks for the best high yield online savings accounts
How annual percentage yield (APY) works
When you earn interest in a bank account, that money starts to earn interest as well. This is known as compounding. The higher the interest rate and the more times an account compounds, the higher the yield will be. The APY you see associated with a savings account includes compound interest and reflects the total amount of money earned over a period of one year.
» Learn more about the difference between APY and interest rate