Savings Calculator
Enter a starting balance, monthly contribution, interest rate, and savings goal to estimate how your savings could grow over time.
Use the APY your bank advertises — not a plain interest rate.
Enter a target amount to see when you'll reach it.
Frequently asked questions
How compound interest grows your savings over time
Compound interest grows slowly at first and then accelerates — which is why starting early matters more than almost any other factor. In the first few years, most of your balance growth comes from your own contributions. But as your balance grows, the interest you earn each month grows with it, and eventually the interest itself becomes the largest contributor to your total growth. A $200 monthly contribution at a modest interest rate can grow into tens of thousands of dollars over a couple of decades, simply because each year's interest keeps earning its own interest going forward.
Savings account vs. investing: which is right for you?
A savings account is the right tool for money you need to access reliably and without risk — an emergency fund, or savings for a near-term goal like a down payment. Because your principal is protected, you won't lose money, but returns are typically modest compared to long-term investing. Money you won't need for five or more years, like retirement savings, is usually better suited to investment accounts that can weather short-term volatility in exchange for higher long-term growth potential. Most people benefit from using both: a savings account for safety and liquidity, and investments for long-term growth.