Savings Calculator

Calculate how your savings will grow over time with regular deposits and compound interest.

Initial Deposit ($)

Monthly Deposit ($)

Annual Interest Rate (%)

Time Period (years)

How Is This Calculated?

This calculator uses monthly compounding to project how regular savings deposits grow over time. Your initial deposit and each monthly contribution earn interest, and that interest earns interest in subsequent months — the power of compound growth.

Frequently Asked Questions

How much should I save each month?

A common guideline is the 50/30/20 rule: 50% of income for needs, 30% for wants, and 20% for savings and debt repayment. Adjust based on your goals and circumstances.

What savings account has the best interest rate?

High-yield savings accounts at online banks typically offer the best rates, often 4-5% APY. Compare current rates at multiple banks, and consider CDs for money you won't need for a fixed period.

Disclaimer: This calculator provides estimates for informational purposes only and should not be considered financial advice. Results may vary based on your specific circumstances. Please consult a qualified financial professional for advice tailored to your situation.