Savings Calculator
Calculate how your savings will grow over time with regular deposits and compound interest. See year-by-year breakdown.
Total Savings
$26,402.64
Total Deposited
$23,000.00
Interest Earned
$3,402.64
Deposits vs Interest
Deposits (87%)Interest (13%)
Rate Comparison (5 years)
1% APY
$23,705.96
2% APY
$24,439.60
3% APY
$25,202.10
4% APY
$25,994.68
4.5% APY
$26,402.64
5% APY
$26,818.62
6% APY
$27,675.26
7% APY
$28,566.00
Year-by-Year Breakdown
| Year | Balance | Deposits | Interest |
|---|---|---|---|
| 1 | $8,904.89 | $8,600.00 | $304.89 |
| 2 | $12,989.16 | $12,200.00 | $789.16 |
| 3 | $17,261.07 | $15,800.00 | $1,461.07 |
| 4 | $21,729.22 | $19,400.00 | $2,329.22 |
| 5 | $26,402.64 | $23,000.00 | $3,402.64 |
Frequently Asked Questions
What interest rate should I expect?+
As of 2026, high-yield savings accounts offer 4-5% APY. Traditional bank savings accounts offer 0.01-0.5%. CDs may offer 4.5-5.5% for fixed terms. Online banks typically offer the highest rates.
How often is interest compounded?+
Most savings accounts compound daily or monthly. This calculator uses monthly compounding. Daily compounding would yield slightly more, but the difference is minimal at typical savings rates.
What's the difference between APR and APY?+
APR is the annual interest rate without compounding. APY (Annual Percentage Yield) includes the effect of compounding and is always slightly higher. Banks advertise APY for savings accounts, which is what this calculator uses.