Saving & Growing
Savings Calculator
Your numbers
I want to know
Savings rates are variable and can change. Use your account's current APY.
You'll reach your goal in
2 years, 5 months
Around Apr 2029.
- Total you deposit
- $9,700
- Interest earned
- $510
- Final balance
- $10,210
Results are estimates for planning only and assume the numbers you enter stay the same. They are not an offer of credit or financial advice. Confirm actual terms with the lender, bank or provider.
How it works
Behind the numbers
The calculator converts your account's APY to a monthly rate, adds interest each month, then adds your deposit. In "how long" mode it repeats until you reach the goal. In "how much" mode it solves for the monthly deposit that gets you there on time.
Savings rates are variable, so the interest figure is an estimate. For short-term goals, the amount you deposit matters far more than the rate.
Tips
- Automate the deposit on payday so saving happens before spending.
- Keep goal money in a separate high-yield savings account so it's easy to track.
- For an emergency fund, aim for several months of essential expenses.
Quick answers
Common questions
What's the difference between APY and interest rate?
APY (annual percentage yield) includes the effect of compounding over a year, so it's the best number for comparing savings accounts. This calculator uses APY directly.
Where should I keep money for a savings goal?
For goals within a few years, an insured high-yield savings account, money market account or CD is a common choice, because your principal isn't at risk.
What if my rate changes?
Savings rates can move up or down at any time. Rerun the calculator with your new APY to update your timeline.