Introduction
This savings interest calculator shows you how much your money can grow over time. Enter your starting balance, monthly deposits, interest rate, and how long you plan to save. The tool calculates your total interest earned, final balance, and a full breakdown by month or year.
You can choose how often your interest compounds: daily, monthly, quarterly, or even continuously. If you increase your contributions each year, the calculator handles that too. You can also add a tax rate to see how taxes reduce your interest earnings.
Use this calculator to compare savings accounts, plan for a goal, or simply see the power of compound interest. Results update instantly with charts, a step-by-step solution, and a detailed accumulation schedule so you know exactly where your money goes.
How to Use Our Savings Interest Calculator
Enter your savings details below to see how your money grows over time. The calculator will show your end balance, total interest earned, a step-by-step breakdown, and charts that track your growth year by year.
Starting Amount: Type the amount of money you already have saved. This is the lump sum you begin with. You can enter zero if you are starting from scratch.
Monthly Contribution: Enter how much money you plan to add each month. Use the slider or type any amount. Enter zero if you will not make monthly deposits.
Monthly Contribution Growth Rate: Enter a percentage if you plan to increase your monthly deposit each year. For example, entering 5 means your monthly deposit goes up by 5% at the start of each new year. Leave this at zero if your monthly deposit stays the same.
Annual Contribution: Enter a lump sum you plan to add once per year on top of your monthly deposits. Leave this at zero if you do not make a yearly deposit.
Annual Contribution Growth Rate: Enter a percentage if you plan to raise your yearly deposit each year. Leave this at zero if your yearly deposit stays the same.
Annual Interest Rate: Enter the interest rate your savings account pays per year. Use the slider or type in any rate. For example, enter 5 for a 5% annual rate.
Compounding Frequency: Pick how often your bank adds interest to your balance. Your bank's account disclosures say how often it compounds interest. If you are not sure, choose monthly.
Time Frame: Choose whether to enter your time in years or months, then type the number. This is how long you plan to save. Use the slider or type any value up to 50 years or 600 months.
Tax Rate on Interest: Enter the tax rate that applies to your interest earnings. This only affects the interest you earn, not your deposits. Leave this at zero if you do not want to factor in taxes.
Press the Calculate button to see your results. Press Reset to go back to the starting example.
What Is a Savings Interest Calculator?
A savings interest calculator shows you how much money you will have in the future when you save and earn interest over time. You enter your starting deposit, how much you add each month or year, your interest rate, and how long you plan to save. The calculator does all the math and gives you a clear answer.
How Savings Interest Works
When you put money in a savings account, the bank pays you interest. Interest is extra money the bank gives you for keeping your money with them. The amount you earn depends on your interest rate, which is shown as a percentage.
The real power of saving comes from compound interest. This means you earn interest not just on the money you put in, but also on the interest you already earned.3 Over time, your money grows faster and faster because each round of interest is bigger than the last.3 This is sometimes called "earning interest on your interest."
What Is Compounding Frequency?
Compounding frequency is how often the bank adds interest to your balance. It can happen once a year (annually), once a month (monthly), once a day (daily), or even continuously.3 The more often interest compounds, the more you earn.3 Your bank's account disclosures tell you how often it compounds and credits interest.
Why Contributions Matter
Adding money to your savings on a regular schedule makes a big difference. Even small monthly deposits grow into large amounts over many years thanks to compound interest. The earlier you start and the more you contribute, the more your savings will grow. You can also set a contribution growth rate to plan for increasing your deposits over time as your income rises.
Taxes on Savings Interest
Interest you earn on savings is usually considered taxable income.1 It is taxable in the year it becomes available to you.1 This calculator lets you enter a tax rate to see your earnings after tax. It takes each year's tax out of your balance at the end of that year, so that money stops earning interest. The tax applies only to the interest you earn, not to the money you deposited. You may also want to factor in inflation to understand your real purchasing power over time.