Savings Account Calculator
See how your savings grow over time.
Inputs
$
$
%
yrs
Result
Ending Balance$53,194.39
Total Deposits$41,000.00
Interest Earned$12,194.39
About the Savings Account Calculator
The Savings Account Calculator projects how a savings balance grows with regular deposits and compounding interest. Use it to plan an emergency fund, a down payment, or any medium-term savings goal.
Calculation method
The calculator compounds your starting balance monthly at the given APY and adds each monthly deposit, then compounds every subsequent balance until the end of the horizon.
FV = P × (1 + r)^n + PMT × [(1 + r)^n − 1] / r (r = APY/12, n = months)How to use this calculator
- Enter your starting balance.
- Enter your regular monthly deposit.
- Enter the account APY.
- Enter how many years you'll save.
Example
A $5,000 opening balance, $300/month deposits at a 4.5% APY over 10 years grows to about $53,844, of which around $12,844 is interest earned.
Frequently asked questions
APY vs interest rate — what is the difference?
APY (annual percentage yield) already includes compounding, so it's the number you should use when projecting savings growth. The nominal rate ignores compounding.
Is savings account interest taxable?
In most countries, yes. In the US it's ordinary income; in India, interest above ₹10,000 (₹50,000 for seniors) is taxable under Section 80TTA/80TTB.
How often does the account compound?
This calculator uses monthly compounding, which matches how most banks credit interest. Daily compounding produces a very slightly higher result.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.