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Savings Calculator

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Use our simple savings calculator to see how quickly your savings will grow.

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Starting Savings Balance
Annual Percentage Yield (APY)
Online Average is 1.10%
Contributions & Years to Save
Additional Contribution
Annual Contribution of
Years to Save


Breakdown for

Starting Balance
Total Contributions
Total Interest Earned

How Interest Can Impact Your Savings

The APY (annual percentage yield, or interest) on your savings account can make a big difference on the future value of your savings. See how the interest earnings on your savings stack up against industry benchmarks.

Interest Earnings After Years

Your Rate % APY

National Average 0.09% APY

Online Average 1.10% APY

Today's Top Rate 1.86% APY

Save more with these rates that beat the National Average
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How We Got This Answer

  • About This Answer

    Our savings tool calculates the growth in your savings. Using your starting savings balance, APY, as well as any additional contributions, we break down what your savings will look like in each year leading up to your final savings balance at some time in the future. We then compare your total interest earnings given your selected APY to your potential interest earnings given various industry benchmarks including the national average rate, online average rate, and today's top rate.

    ...read more
  • Our Assumptions

    Contributions: We assume that your additional contributions occur at the end of the selected contribution period.

    ...read more

How Do Your Savings Compare to the National Average?

The average American saves 5% of their annual income. See how you compare by adjusting the income level.

Based on an income of
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Savings Interest Calculator

Using a savings calculator allows you to see how fast your money will grow when put in an interest-earning account. It can help you compare and contrast your potential savings for different scenarios. You can easily change the interest rates, deposits, frequency of interest compounding and the number of years you have to save. This will help you make a more informed decision on which savings account you might want to open. It can also help you determine how much money to deposit, whether to make monthly deposits and more. You can set a specific financial goal and see how much you need to contribute each month to reach it or you can set how much money you are able to afford to contribute each month and then see how long it will take you to get there.

Whether you are building up an emergency fund or saving for a specific goal, a savings calculator can help you see what you need to do in order to get there.

A financial advisor can help you incorporate your savings into your financial plan. To find a financial advisor near you, try our free online matching tool, or call 1-888-217-4199.

Starting Savings Balance: The Initial Deposit

Your starting savings balance is the initial, or principal, amount you deposit into your account. You’ll enter this number into the calculator as your starting point. You can deposit as much or as little as you want into the calculator but beware that some savings accounts have minimum deposit requirements. Making a larger deposit does allow your money to grow more than, say, a $20 original deposit.

Additional Contributions: Ongoing Savings

Although not required, making additional contributions into your savings account will help your savings grow faster. Not only are you setting aside more money, but you also add to the principal that accrues interest. Entering your recurring monthly deposits into the savings calculator will give you a look at how these deposits can boost your returns.

Annual Interest Rate and Compounding Period: Account Specifics

Of course a big part of your savings growth is your specific account’s annual interest rate (APR). You’ll enter this number into the calculator to see the rate at which your initial deposit and any other potential contributions grow. You can find an account’s rate on our savings account comparison page or on the bank’s website.

You will also have to specify whether the account compounds interest daily, monthly, quarterly, semiannually or annually. Compound interest essentially means that your interest earns interest. The more often interest is compounded, the more interest you’ll earn. This is what can really add to your money’s growth over time.

It’s important to know that interest rates can vary quite a bit by banking institution. Interest rates in general have been rising, but you won’t find high savings interest rates at every financial institution. In fact, many big banks like Chase and Bank of America have relatively low rates on their savings accounts. They may offer other features that make them appealing for you like easy access to ATMs and physical branch locations.

To find the best rates in the industry, it can help to look at online banks and credit unions. Online banks tend to offer much better rates due to the lack of physical locations and the costs that come with maintaining them. Credit unions, while they do have physical locations, often have fewer locations than a big bank, cutting back on those costs. Plus, a credit union serves only its members (customers) without making a profit for the company itself. This allows credit unions to take the money coming in and turn it around as favorable interest rates.

It’s a good idea to check to see whether there are ways you can increase an account’s interest rates. Often you can do this by having a higher account balance. You may also be able to unlock a higher interest rate by linking a checking account from the same institution to your savings account.

Years to Save: Meeting Your Financial Goals

Savings accounts can be used as a financial safety net. This is often what financial experts mean when they encourage people to have an emergency fund. Savings accounts can also be used to save toward tangible goals, like a home down payment, a car or a vacation. In that case, you can set a time limit to your savings. For example, if you have five years to save for a new home, you can enter five years into the calculator. This sets a time limit to your savings on the savings calculator and allows you to see how much you will have to contribute regularly to meet your goal.

How Much Money Should I Save?

How much you should save depends greatly on your financial situation and goals. For example, you will likely need to save more money for a down payment than you would for a vacation. This is where a simple savings calculator like this one can come in handy. It helps you better plan toward your specific goals and see how the different choices you make can affect when and how you get there. For example, try out a few different scenarios where you save in accounts that have different interest rates. Then see how the size of your initial deposit impacts your money’s growth. You can also get a detailed view of how the frequency and size of your additional contributions play a part in meeting your goals. Your specific financial situation will ultimately determine how much you are able to set aside in your savings account.

How to Maximize Savings

No matter your savings goals, there are ways you can work to maximize your savings. For starters, you can find the savings account with the highest interest rate. That will guarantee that your money, no matter how much you put in, will grow faster than other, lower-rate accounts. It’s also important to know that a number of savings accounts earn at higher rates on higher account balances.

Then once you’ve chosen the best rate, you can determine how much you can afford to place into the savings account. While a larger deposit will boost your savings from the start, you may not want to deposit all the funds you have available. You may prefer to see how much you can comfortably put into the account to start with and then add more money over time.

You can also maximize your savings by setting up monthly transfers to your savings account. These transfers don’t have to be huge amounts, but they help to boost your savings along with your initial deposit so there’s more money to earn interest. You can set up an automatic deposit directly from your paycheck or from your checking account. Either way these additional contributions will help you meet your financial goals quicker.

Best Places For Short- and Long-Term Savings

SmartAsset’s interactive map highlights the places in the country where people will get paid the most to save money. Zoom between states and the national map to see the best places for short- and long-term savings.

Rank County Median Income Short-term Savings Interest Earned Short-term Savings Return Rate Long-term Savings Interest Earned Long-term Savings Return Rate

Methodology Our study aims to highlight the places where there are opportunities to realize higher savings returns. To do so we analyzed data on average savings account rates, certificate of deposit rates, median household income, average living expenses and income tax burden. We calculated and compared the rate of return on a savings account over a period of one year (short-term) and on a certificate of deposit over a period of five years (long-term).

First we calculated tax burdens in each county in our study. To compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county that reflects the counties with the lowest ratio of income taxes to an assumed $50,000 annual income.

Next, we determined the net median income of each county by subtracting the average cost of living for a household with two adults (one working) from the median household income.

We subtracted the taxes you would have to pay on the net median income in each county. For the purposes of this study we assumed you would put this amount into either a savings account for the next year or a certificate of deposit for the next five years.

Then we applied the average savings account rate and average certificate of deposit account rate offered by banks that serve each county. to this amount to calculate how much interest you would earn over the year for the savings account and over five years for the certificate of deposit account, respectively. When there was no county-level savings account rate data, we applied the state average to that county.

In order to find the best places in the country for long- and short-term savings, we next divided that total amount of interest earned by the median household income to get a savings return rate and a certificate of deposit return rate for each county. The counties with the highest savings return rates are the places where it pays the most to save short-term, whereas, counties with the highest certificate of deposit return rates are the places where it pays the most to save long-term.

Sources: U.S. Census Bureau 2017 5-Year American Community Survey , RateWatch, MIT Living Wage Study