Savings Calculator
See how your savings can grow over time with regular monthly deposits and compound interest. Enter your initial deposit, monthly contribution, interest rate, and time horizon to project your savings balance and total interest earned.
Consistent saving combined with compound interest creates powerful wealth-building momentum. Starting with $5,000 and depositing $500 per month at 4.5% APY for 10 years grows to approximately $80,200 -- of which $65,000 is your deposits and $15,200 is earned interest.
High-yield savings accounts currently offer 4-5% APY, significantly higher than traditional savings accounts (0.01-0.5%). While rates fluctuate, even small differences compound significantly over time. The difference between 1% and 4.5% APY on $500/month over 20 years is about $27,000 in additional interest.
The optimal savings strategy depends on your goals and timeline. For emergency funds and short-term goals (1-3 years), high-yield savings accounts provide safety and liquidity. For longer-term goals, consider that investment accounts historically earn 7-10% annually (with more risk), which may be more appropriate than a savings account for goals 5+ years away.