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Savings Interest calculator

See how a savings account grows with an initial deposit, monthly contributions and compound interest.

How it works Report a problem

Savings Interest

See how your savings grow over time with compound interest

$0
Total Future Balance
Total Contributions
$0
Total Interest
$0
APY Effect
0%
Wealth Accumulation

About the Savings Interest calculator

See how a savings account grows with an initial deposit, monthly contributions and compound interest.

How to use the Savings Interest calculator

  1. Enter your Initial Deposit, Monthly Contribution and Interest Rate (APY %).
  2. Enter the Duration (Years).
  3. Press Calculate Compound Growth.

Formula and method

FV = P × (1 + i)ⁿ + PMT × ((1 + i)ⁿ − 1) ÷ i, with i the monthly rate.

Worked example

$5,000 plus $200 a month at about 4% for 10 years grows to roughly $36,900, of which $29,000 is your own deposits.

Tips

  • Compare accounts by APY.
  • Rates on savings accounts can change.

Frequently asked questions

Is savings interest taxable?
In many countries yes, though some accounts have allowances or tax-free status.