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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.
Types of savings accounts compared
| Account type | Typical APY (2026) | Liquidity |
|---|---|---|
| Big-bank savings (Chase, Wells) | 0.01–0.50% | Immediate |
| High-yield savings (HYSA) | 4.00–5.00% | 1–3 business days |
| Money market account | 4.00–4.50% | Check or debit access |
| Cash management (Fidelity) | ~4.50% (SPAXX) | Brokerage access |
| CD (12-month) | 4.25–5.25% | Locked until maturity |
The cost of staying with a big bank
$20,000 sitting in a Chase or Bank of America savings at 0.01% earns $2/year. The same $20,000 in a HYSA at 4.5% earns $900. That's an $898 annual cost for inertia — pure free money left on the table.
Switching takes 15 minutes online. FDIC insurance is identical. There's no reason to leave cash in a 0.01% account in 2026.
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?
Top HYSAs — Wealthfront (~5%), CIT Bank (~4.55%), Marcus (~4.4%), Ally (~4.2%) — all FDIC-insured, no fees, no minimum. Pick the highest published APY from a bank you can stomach (mobile app quality, customer service reputation).
How is savings account interest calculated?
Most banks compute interest daily on the day's ending balance and credit it monthly. Formula: daily interest = balance × (APY/365). Compounded daily over a year, $10k at 4.5% APY earns ~$460.
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.