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High-Yield Savings Calculator

Enter a starting balance, a monthly deposit, your account's rate and how many years. You'll get your final balance, how much came from deposits and how much from interest, with a year-by-year table and chart.

Last updated:

Only affects a nominal rate. APY already includes compounding.

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Balance over time

Year-by-year growth

How it works

A rate entered as APY already includes compounding, so one month of growth multiplies the balance by (1 + APY)1/12 . A nominal rate compounds either monthly, 1 + rate ÷ 12 per month, or daily, (1 + rate ÷ 365)365/12 per month. Each month:

balance = balance × growth factor + monthly deposit

Deposits are made at the end of each month, after that month's interest. The rate stays fixed.

Worked example

Start with $1,000, add $200 a month and earn 4% APY for 5 years. You deposit $1,000 + 60 × $200 = $13,000. The balance ends at $14,452.46, so $1,452.46 is interest.

Compound interest, monthly

Compound interest means you earn interest on your earlier interest. With monthly compounding at a nominal 12% a year, each month adds 1% to the balance. Deposit $100 at the end of each month for one year and you finish with 100 × (1.0112 − 1) ÷ 0.01 = $1,268.25: $1,200 of deposits and $68.25 of interest. To try it here, pick "Nominal rate (APR)" and "Monthly".

How much will my savings grow?

Three things drive the answer: how much you add, how long you leave it, and the rate. Early on, your deposits do most of the work; interest takes over slowly. Change the monthly deposit and the years in the tool above and watch the table. Over a short horizon, a steady deposit usually matters more than a rate difference of a fraction of a percent.

Frequently asked questions

What is APY and how is it different from APR?

APY (annual percentage yield) is the interest you earn over a year including compounding. A nominal rate (APR) is the stated rate before compounding. Banks advertise savings accounts as APY, which is why APY is the default here.

Does the compounding setting matter?

Only if you enter a nominal rate. APY already includes compounding, so for an APY the setting changes nothing. For a nominal rate, daily compounding earns slightly more than monthly.

Will my real balance match this exactly?

Probably not to the cent. Savings rates are variable and banks can change them at any time, and banks credit interest on their own schedule. This tool holds the rate fixed for the whole period.

Is the interest I earn taxable?

Generally, interest on savings is taxable income. This calculator does not subtract taxes. Check IRS guidance or a tax professional for your situation.

Is my money safe in a high-yield savings account?

Deposits are automatically insured to at least $250,000 at each FDIC-insured bank. Check that the bank is FDIC insured, and see the FDIC page for how coverage works.

How much will my savings grow with small monthly deposits?

Use the tool: set your starting balance (it can be $0), your monthly amount and your rate. Most of the growth early on comes from your deposits, and interest matters more the longer the money stays.

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