Free · Any APY · Monthly deposits

Savings account calculator

Project any savings account's future value. Plug in your APY, starting balance, monthly deposit, and timeframe. Works for HYSA, money market, regular savings — any rate.

2026 savings rate spread · FDIC weekly national rates · Bankrate HYSA tracker

Compare the provider APY with the national-rate reference

National-rate references and top-account offers change over time. Compare the current provider disclosure, fees, transfer terms and insurance status before moving cash.

The calculator makes the opportunity cost visible by letting you compare a variable account APY with the alternatives you enter.

How to Calculate Savings Account Interest

Project the future value of any savings account — HYSA, money market, or traditional — in five steps using daily compounding.

Step 1
Enter your starting balance
Use the current balance in the savings account. Enter 0 if you're starting from scratch and relying entirely on monthly deposits.
Step 2
Enter your monthly deposit
Set the recurring amount you plan to add each month (e.g., $200). Direct deposit splits and auto-transfers from checking are the most consistent way to hit this.
Step 3
Set the APY (annual percentage yield)
Use the bank's published APY, not APR. The selected rate registry is a dated reference; variable APYs can change, so verify the provider disclosure before deciding.
Step 4
Choose the time horizon in years
Pick how long the money will sit. Savings accounts shine for 1–3 year goals (emergency fund, house down payment); longer horizons usually justify investing instead.
Step 5
Read the future balance and total interest earned
The calculator breaks down contributions versus interest. The share depends on the APY, deposit schedule and time horizon you enter.

Types of savings accounts compared

Account type	APY (check current disclosure)	Liquidity
Big-bank savings (Chase, Wells)	0.01–0.50%	Immediate
High-yield savings (HYSA)	Variable APY — check current disclosures	1–3 business days
Money market account	Variable APY — check current disclosures	Check or debit access
Cash management	Variable yield — check provider	Brokerage access
CD (12-month)	Fixed APY for the term — check current offers	Locked until maturity

The cost of staying with a big bank

Illustratively, $20,000 in an account paying 0.01% earns about $2/year, while the same balance at a 4.5% APY earns about $900 before taxes. Actual APYs are variable; compare current bank disclosures, fees, transfer timing and FDIC coverage.

Switching may be simple, but check account terms and access first. FDIC coverage depends on the bank, ownership category and balance; verify coverage before moving cash.

Goal: $25,000 saved

$200/month at 4% APY: ~9.3 years
$400/month at 4% APY: ~4.8 years
$500/month at 4% APY: ~3.9 years
$1,000/month at 4% APY: ~2.0 years

Savings Account Calculator FAQ

What's the best savings account in 2026?

There is no single best account for everyone. Compare the current published APY, variable or promotional terms, minimum balance, fees, transfer timing and FDIC/NCUA coverage before choosing a provider.

How is savings account interest calculated?

Many deposit accounts calculate interest daily and credit it on the schedule in the account disclosure. APY is already an effective annual yield, so do not divide it by 365 without first converting it to a nominal daily rate. Enter the disclosed APY and compounding frequency in the calculator; the $10,000 result depends on the rate staying unchanged.

Are savings account deposits taxed?

Deposits are not taxed (you've already earned that money). Interest earned is taxed as ordinary income. Banks issue Form 1099-INT if you earn more than $10 in interest in a year.

Can I lose money in a savings account?

Not from market risk — FDIC-insured deposits up to $250k per depositor per bank are guaranteed. You can lose real (inflation-adjusted) purchasing power if APY is below inflation; that's why HYSAs near the inflation rate matter.

How often can I withdraw from a savings account?

Regulation D's 6-per-month limit was suspended in 2020 and most banks have not reinstated it. Check your specific bank's terms; some still cap at 6/month and may charge fees beyond. ATM and in-person withdrawals are usually unlimited.

Savings account vs investment account — when?

Savings for money you need within 1–3 years (emergency fund, house down payment, planned big purchase). Investment account for money you don't need for 5+ years where you can ride out volatility for higher returns.

How much interest will I earn on $10,000 in a savings account?

Enter a current HYSA APY and keep it constant for the illustration to see the projected interest. Variable rates and national averages change; compare the provider disclosure and taxes before moving cash.

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

Cover 3–6 months of expenses in HYSA (emergency fund), plus any planned big purchase within 18 months. Everything else belongs in tax-advantaged investing (401(k), Roth IRA, brokerage). Keeping more than 12 months of expenses in cash is usually opportunity cost — inflation alone erodes ~3%/yr in purchasing power.

Related calculators

HYSA calculator

High-yield savings specifically.

Best HYSA rates 2026 (guide)

APY comparison + Fed-rate context.

Emergency fund calculator

Months of expenses to save.

Savings goal calculator

Reach a specific dollar amount.

Methodology and editorial standards

Each calculator uses its own inputs and method. Review the labels, units and assumption notes shown with the result. Costs, taxes, fees, benefits and other factors are not modeled unless the page or calculator explicitly says they are. A fixed-rate projection is a scenario, not a forecast or personalized recommendation.

The editorial standards explain how Snowballr reviews calculators and sources. The sources index links to references used across the site. To report an error or suggest a correction, use the contact page.