Free Savings Calculator
Calculate the future value of a savings account given an initial deposit, regular contributions and interest rate. Free. No signup required.
19% of your final balance is interest, not money you deposited. Tap any bar to see that year's projected balance.
- Total Deposited$37,000.00
- Interest Earned$8,665.77
ƒShow your work
- 1Monthly rate = 4% ÷ 12 = 0.3333%
- 2FV = $1,000.00(1+i)^120 + $300.00×[((1+i)^120−1)/i] = $45,665.77
About the Free Savings Calculator
This is the goal-planning version of interest math: given a starting balance, a regular monthly deposit, and an interest rate, what will actually be sitting in the account by a target date. Because interest compounds on the initial deposit and on every contribution you make along the way, a modest recurring deposit ends up mattering more than most people expect over a long enough stretch — the gap between "money I personally put in" and "money that's actually there" is the entire point of running the calculation instead of just adding up your deposits.
It's built for goal-driven saving: an emergency fund target, a house down payment by a certain year, a wedding or a big trip, or simply checking whether a bank's advertised rate on a high-yield savings account actually gets you to a number you care about by the date you need it.
Your target amount, your current balance, and how much you're setting aside each month are exactly the kind of numbers people don't want floating around — none of it leaves your device or gets logged anywhere.
How it’s calculated
Banks usually advertise a savings account's rate as APY (annual percentage yield), which already bakes in the effect of compounding — that's the number to enter here as the annual interest rate, since it reflects what you'll actually earn rather than a simpler quoted rate that ignores compounding frequency.
Frequently asked questions
How much should I have in savings before I start investing?
A common rule of thumb is 3-6 months of essential expenses in an accessible savings account before directing extra money toward investments, since savings needs to be there when you need it, not subject to market swings.
What interest rate should I enter for a high-yield savings account?
Use the account's advertised APY, not a rougher "interest rate" figure — APY already accounts for compounding frequency, so it's the number that matches how the balance will actually grow.
Does this account for FDIC insurance limits?
No — this is pure growth math. FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category; if your projected balance is approaching that at a single bank, it's worth knowing that limit exists, though it doesn't change how much your money grows.
How long will it actually take to reach my savings goal?
Enter your goal as the target and adjust the time field up or down until the future balance matches it — that tells you directly how many years of the deposit amount you entered it takes to get there.
Is APY the same thing as the interest rate I should enter here?
For this calculator, yes — enter the APY. It's the figure that already reflects compounding, which is exactly what this tool is modeling.
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