Savings Calculator
See how much a savings account could hold after a set time, or leave the goal box filled in and find how long it takes to get there. Deposits are made each month.
Last updated November 3, 2026
Leave blank to skip. Shows how long it takes to reach the goal.
Result
Savings after 5 years = $14,480.79
| Result | Value |
|---|---|
| Final balance | $14,480.79 |
| Total deposited | $13,000.00 |
| Interest earned | $1,480.79 |
| APY | 4.074% |
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,400.00 | $85.23 | $3,485.23 |
| Year 2 | $5,800.00 | $271.72 | $6,071.72 |
| Year 3 | $8,200.00 | $563.58 | $8,763.58 |
| Year 4 | $10,600.00 | $965.12 | $11,565.12 |
| Year 5 | $13,000.00 | $1,480.79 | $14,480.79 |
Savings rates are variable and can change at any time. Taxes on interest are not included.
Show the work
Formula: Each month: balance = balance × G + deposit, where G = (1 + rate ÷ n)^(n ÷ 12). APY = G^12 − 1.
- You entered $1,000.00 to start, $200.00 added at the end of each month, 4% a year compounded monthly, for 5 years (60 months).
- Growth factor per month: G = (1 + 4% ÷ 12)^(12 ÷ 12) = 1.00333333. APY = G^12 − 1 = 4.074%.
- Starting balance grows to $1,000.00 × G^60 = $1,221.00.
- 60 monthly deposits of $200.00 grow to $13,259.80.
- Total deposited: $1,000.00 + 60 × $200.00 = $13,000.00. Interest: $14,480.79 − $13,000.00 = $1,480.79.
Result: Savings after 5 years = $14,480.79
How the savings calculator works
balance = balance × G + monthly deposit
Every month the balance is multiplied by a growth factor G and then the deposit is added at the end of the month. G comes from your rate and compounding: G = (1 + r ÷ n)^(n ÷ 12), where r is the yearly rate as a decimal and n is how many times a year interest is added. Repeating this for each month gives the final balance.
The goal result repeats the same monthly step and counts months until the balance first reaches your target. If the balance cannot get there within 100 years, for instance with no deposits and 0% interest, the calculator says so instead of showing a number.
See how we calculate for the formulas, sources and review schedule behind every calculator.
Also useful alongside this calculator: Annuity Calculator, Retirement Calculator and Investment Calculator.
APR versus APY on a savings account
Banks usually advertise the annual percentage yield (APY), which already includes compounding. The nominal rate used in the formula is the annual percentage rate (APR). Because interest on interest is counted in the APY, it is a little higher than the APR whenever compounding happens more than once a year.
At 4% compounded monthly the APY is 4.074%, and compounded daily it is 4.081%. If your bank quotes an APY, you can treat it as an annual rate with annual compounding and the result will match what the bank shows.
Reaching a savings goal faster
Starting with $1,000 and adding $200 a month at 4% compounded monthly, the balance first passes $10,000 in month 42, when it reaches $10,150.37. At 0% interest the same plan would need 45 months, so the interest saves about three months.
Raising the deposit usually shortens the time more than a small change in rate. The deposit is the lever you control, while the rate is set by your bank and can change.
Deposit size compared with the rate
Try the same plan at 2%, 4% and 6% and then change only the deposit. On a five-year horizon the deposit moves the result far more than a point or two of rate, because most of the balance is money you put in. Rates matter more as the years add up, and the interest column in the table by year shows when that starts to happen.
Using the result for an emergency fund
A common target is a few months of essential spending in an easy-access account. Enter that figure as the goal, set the deposit you can afford and read the time it takes. Revisit it when your spending or the interest rate changes.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- U.S. Securities and Exchange Commission, Investor.gov, Compound Interest (glossary).. Defines compound interest as interest paid on principal and on accumulated interest.
- Consumer Financial Protection Bureau, Regulation DD, Appendix A to Part 1030, Annual Percentage Yield Calculation.. Gives the APY formula, 100 x [(1 + Interest/Principal)^(365/days in term) - 1].
How to use the Savings Calculator
- Enter your starting balance and the amount you will add each month.
- Enter the yearly interest rate and how often it is compounded.
- Set the time in years and months, and optionally a savings goal.
- Read the balance, interest and goal date, open Show the work, then Copy, Print or Share.
Worked example
You start with $1,000 and add $200 at the end of each month at 4% a year compounded monthly. The monthly factor is 1 + 0.04 ÷ 12 = 1.0033333. After 5 years you have deposited $13,000 and the balance is $14,480.79, which includes $1,480.79 of interest.
| Measure | Value |
|---|---|
| Total deposited | $13,000.00 |
| Interest earned | $1,480.79 |
| Final balance | $14,480.79 |
| APY | 4.074% |
| Months to reach $10,000 | 42 |
Frequently asked questions
How is interest on a savings account calculated?
The bank applies a fraction of the yearly rate to your balance each compounding period and adds it to the balance. The next period then earns interest on the larger amount.
Will my savings rate stay the same?
Probably not. Savings rates are variable and can change at any time, so treat the projection as an estimate and rerun it when your rate changes.
What if the goal is already reached?
If your starting balance is at or above the goal, the calculator reports that you are already there and no months are needed.
Are deposits made at the start or the end of the month?
At the end. Each deposit begins earning interest the following month. For another timing, use the compound interest calculator.