Savings Calculator
Find out how much your savings will grow with regular deposits and compound interest.
Added every month
Final Balance
$53,194
after 10 years at 4.5% APY
Total Deposited
$41,000
$5,000 initial + $300/mo
Interest Earned
$12,194
30% growth on deposits
Savings Growth Over 10 Years
Deposits are made monthly; interest compounds at the frequency you select. For inflation-adjusted results or goal-seeking, use the Compound Interest Calculator.
How to use this calculator
- Enter your initial deposit — the amount you are starting with.
- Set your monthly deposit — what you plan to add every month.
- Enter the interest rate (APY) — use the rate your bank advertises.
- Choose the time period and compounding frequency — set compounding to match your account (most savings accounts compound monthly or daily).
The final balance, total deposited and interest earned update instantly, with a donut chart showing the split and a year-by-year breakdown.
How it works
Your savings grow from two sources, both compounding:
- The initial deposit grows on its own for the full period.
- Each monthly deposit is added as you go and compounds from the moment it lands — earlier deposits have longer to grow than later ones.
Compound interest means interest is added to the balance and then earns interest itself. The more often that happens — daily versus monthly versus annually — the slightly higher the final balance, which is why the calculator lets you pick the frequency.
The result separates into total deposited (the money you contributed) and interest earned (what the money produced by itself). The longer the time horizon, the larger that second slice becomes — the practical reason saving early beats saving more later.
Frequently Asked Questions
How does this savings calculator work out my final balance? ▾
It compounds your initial deposit, then adds each monthly deposit and compounds that too, at the interest rate and frequency you choose. The final balance is everything you put in plus all the interest it earned. The result splits cleanly into 'total deposited' and 'interest earned'.
What is APY and how is it different from interest rate? ▾
APY (annual percentage yield) is the effective yearly return after compounding is taken into account, so it is the figure to compare savings accounts by. A nominal interest rate ignores compounding. Banks advertise savings accounts in APY — enter that rate here.
Does compounding frequency change the result? ▾
Yes, a little. More frequent compounding — daily rather than monthly, monthly rather than annually — earns slightly more, because interest starts earning its own interest sooner. Set the Compounding control to match your actual account so the projection is accurate.
How much of the final balance is interest versus my own deposits? ▾
The donut chart answers this directly. Early on, almost all of the balance is money you deposited. Over many years the interest portion grows — and with a long enough horizon, interest can become the larger share. That crossover is the core argument for starting to save early.
When should I use the Compound Interest Calculator instead? ▾
This calculator assumes steady monthly deposits and a fixed rate — the typical savings-account scenario. If you need other contribution patterns, inflation-adjusted (real) values, or to work backwards from a goal, the Compound Interest Calculator has those modes.