Savings Calculator – NerdWallet

Use the free savings calculator below to understand how your money can grow over time. When you put money in a savings account, the interest you earn accumulates.

Savings calculator tip

First, run the numbers with no monthly deposit. Then try again with $ 25 or $ 100 per month to see how even adding a small amount regularly can get you closer to your savings goal.

Help with the savings calculator

  • Starting balance: This is the amount you plan to deposit into the savings account initially.

  • Monthly contributions: This is the amount you will deposit on an ongoing monthly basis. It is an optional field.

  • Time to grow up: This is the period during which your money will be in savings without withdrawal. You can select a number of years or months.

  • Annual interest rate: This is the return you hope to earn. The national average savings rate is 0.06%, although some high yield savings accounts earn much more.

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How much do I need to save each month?

There is no single answer, but the general norm is build up your savings to cover three to six months of basic expenses. If you are able to save 20% of your net income each month, you may be on the right track. But even if you save less, be consistent and you can reach your savings goal.

How to calculate the interest of a savings account?

Multiply the account balance by the interest rate for a selected period. The result is the amount of simple interest the account earns during that period.

Frequently Asked Questions

If you started with zero and put $ 150 per month (about $ 37.50 per week) into a savings account that earns 0.50% APY, you’ll save over $ 5,000 in less than three years. Use this savings calculator compare other contribution amounts.

If your savings account only earns 0.01% APY, your earnings after one year would be $ 1. Put that $ 10,000 into a high yield savings account that pays 0.50% APY for the same length of time, and you can earn around $ 50.

The answer depends on the interest rate, deposit balances and time. The higher the rate, the faster a savings account will grow. Also, due to compounding, the more interest is deposited into a savings account, the more the overall balance will increase. An account that dials in daily may grow slightly faster than an account that dials in less frequently, such as once a month. To achieve maximum growth over time, put your money in a high yielding account that compounds daily.

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