Savings Calculator
Project the future value of regular deposits toward your savings goal.
Your savings plan
Optional — set to $0 to hide goal tracking
Balance after 6 years
$33,760
- Total deposited$29,800
- Interest earned$3,960
- Total deposited
- $29,800
- Interest earned
- $3,960
- Final balance
- $33,760
$30,000 goal
100% thereOn track. You reach your $30,000 goal in year 6.
Savings growth over 6 years
Your deposits plus the interest they earn, year by year.
Yearly breakdown
| Year | Deposited | Interest | Balance |
|---|---|---|---|
| 1 | $5,800 | $130 | $5,930 |
| 2 | $10,600 | $460 | $11,060 |
| 3 | $15,400 | $1,000 | $16,400 |
| 4 | $20,200 | $1,757 | $21,957 |
| 5 | $25,000 | $2,741 | $27,741 |
| 6 | $29,800 | $3,960 | $33,760 |
About the Savings Calculator
A savings calculator shows how regular deposits and interest combine to build a balance over time, and whether you're on track to hit a specific target. Enter a starting balance, a monthly deposit, your account's interest rate (APY) and a time frame, and optionally a savings goal to track your progress.
Unlike investing, savings growth is steadier and more predictable, because the interest rate is usually fixed or close to it. The two levers you control most are how much you deposit each month and how long you keep saving. Small, consistent deposits add up surprisingly fast once interest starts compounding on the growing balance.
Set a goal to see exactly when you'd reach it — or how much you'd fall short — so you can adjust your deposit or timeline before you start. Everything updates instantly as you change the numbers.
Frequently asked questions
How is my savings balance calculated?
We compound interest monthly on the running balance and add your monthly deposit each month. The result is your projected balance, the total you deposited, and the interest you earned over the period.
What's the difference between APR and APY?
APY (annual percentage yield) reflects interest compounded over a year, so it's the right figure for savings growth, and the one most savings accounts quote. APR doesn't include the effect of compounding.
How can I reach my savings goal faster?
Increase your monthly deposit, extend your timeline, start with a larger balance, or find an account with a higher rate. The goal tracker shows how each change moves your finish line.
Does this account for taxes or inflation?
No. The projection shows nominal growth before any tax on interest and without adjusting for inflation, so your real (inflation-adjusted) purchasing power will be somewhat lower.
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