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Savings Calculator – Savings Growth with Compound Interest

Building savings is a combination of two forces: regular contributions and compound interest. Even at modest interest rates, the consistency of monthly deposits combined with compounding returns produces results that are often surprising over a 10–20 year horizon. This calculator quantifies exactly how powerful that combination is.

Enter your starting balance, monthly deposit amount, annual interest rate (APY), and the number of years to project. The calculator shows your ending balance broken down into contributions and interest earned — with a year-by-year growth chart so you can see when compounding starts to dominate.

How to use the Savings Calculator

Enter your starting balance (can be $0).

Enter your monthly deposit amount.

Enter the annual interest rate (APY from your savings account or expected investment return).

Set the number of years.

View total balance, total contributions, and total interest earned.

Savings Growth: $200/Month at Different Rates
Years	2% APY	4% APY	6% APY	8% APY
5	$12,620	$13,255	$13,954	$14,720
10	$26,537	$29,448	$32,776	$36,589
20	$58,916	$73,599	$92,408	$117,804
30	$98,543	$138,951	$200,903	$298,072

Savings Calculator FAQ

What is a good APY for a savings account?

High-yield online savings accounts often offer 4–5% APY (as of 2025), compared to 0.01–0.5% at traditional brick-and-mortar banks. Certificates of deposit (CDs) can offer slightly higher rates for fixed terms.

How much should I keep in a savings account vs invest?

Financial advisers typically recommend keeping 3–6 months of expenses in accessible savings (emergency fund), then investing additional savings in tax-advantaged accounts (401k, IRA) and taxable brokerage accounts for long-term growth.

How does compounding frequency affect savings growth?

More frequent compounding (daily vs monthly vs annual) produces slightly higher returns. The difference is modest: $10,000 at 5% for 20 years: annual = $26,533; monthly = $27,126; daily = $27,183.

Is the interest on savings accounts taxable?

Yes — interest earned in standard savings accounts is taxable as ordinary income in the U.S. Interest in a Roth IRA grows tax-free; traditional IRA interest is tax-deferred until withdrawal.