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Savings Calculator
See how your savings could grow. Enter a starting deposit, a monthly deposit, an APY and a time frame, then press Calculate to watch deposits and interest add up.
Written by TopicDrill Editorial Team·Updated June 2026
Savings over time
Balance Deposited
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How the savings calculator works
Saving is two engines working together. The first is the cash you put in, deposit after deposit. The second is the interest the bank pays on the growing balance. This tool runs both month by month so you can see exactly how much of the ending figure you contributed and how much the account earned for you.
The chart makes the split visible. The shaded area is your balance, and the dashed line is the money you actually deposited. The space between them is interest, and it widens as the balance compounds on itself year after year.
A quick example
Open an account with $2,000, add $300 every month, and earn a 4.5% APY for ten years. You deposit $38,000 of your own money, yet the balance climbs to roughly $47,000. That extra $9,000 is interest the account paid simply for keeping your cash there.
Things to keep in mind
Most savings accounts pay a variable rate, so the APY you start with can rise or fall. It also helps to keep your emergency cash in an account that is easy to reach. For a plain-English primer on saving, see the CFPB consumer tools. Once you have a target in mind, our savings goal calculator tells you the monthly deposit you need.
Frequently asked questions
How does this savings calculator work?
It starts with your opening deposit, adds each monthly deposit, and applies interest every month at the rate you enter. Because earned interest stays in the account and earns more interest, the balance grows faster the longer you leave it.
What is the difference between APY and interest rate?
The interest rate is the plain annual rate, while APY, the annual percentage yield, already folds in the effect of compounding. Comparing accounts by APY is fairer because it reflects how often interest is added during the year.
Does the compounding frequency really change much?
At the modest rates typical of savings accounts the difference between monthly and daily compounding is small, often a few dollars over several years. It matters more at higher rates and over longer horizons, so the choice is offered here for completeness.
Are the results guaranteed?
No. Savings rates can change at any time because most accounts pay a variable rate, so treat the ending balance as an estimate based on a steady rate. If your bank changes the rate, rerun the numbers with the new figure.
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