🐖 Savings Calculator
Calculate savings growth with deposits and interest
How Savings Calculation Works
Formula
FV = PV(1+r/n)^(nt) + PMT × [((1+r/n)^(nt)−1)/(r/n)]
- 1Enter your initial deposit amount.
- 2Enter your regular monthly or annual contribution.
- 3Enter the annual interest rate (APY) and compounding frequency.
- 4Enter the time period for your savings plan.
- 5The calculator shows final balance, total deposits, and total interest earned.
About Savings Calculator
Calculate how your savings will grow over time with regular deposits and compound interest. Plan your savings goal, see monthly growth, and compare different savings strategies.
Frequently Asked Questions
How much should I save each month?
The 50/30/20 rule suggests saving 20% of your income. Even small amounts grow significantly over time. Saving $200/month at 5% APY for 20 years gives you about $82,000 — while total deposits are only $48,000.
What is the best savings account rate?
High-yield savings accounts from online banks typically offer the best rates (4-5% APY). Compare rates regularly as they change with market conditions. CDs may offer slightly higher rates for locked-in terms.
How does compound interest help savings?
Compound interest earns interest on your interest. The longer your money compounds, the faster it grows. After 30 years, compound interest can more than double what simple interest would earn.