Savings Calculator
A savings account grows two ways: the money you add and the interest it earns. Enter a starting balance, a monthly deposit and a rate to see the future balance — and how much of it is interest versus your own deposits.
Your numbers
Result
- Total you put in
- $13,000.00
How savings grow
Each month the balance earns interest and your deposit is added:
balance = balance × (1 + i) + deposit
where i is the monthly rate from the APY. A $1,000 start with $200 a month at 4% APY for 5 years grows to about $14,400 — of which roughly $1,400 is interest.
The rate matters more than you think
A regular savings account paying near 0% and a high-yield savings account paying 4–5% look similar over a year, but the gap compounds. Over years the higher rate can add up to real money. Shop the APY — and watch for introductory rates that drop after a few months.
Consistency beats amount
The monthly deposit does the heavy lifting early on; interest takes over later. Automating a steady deposit — even a modest one — usually beats waiting to save a big lump sum. Keep an emergency fund in savings, and consider investing longer-term money for higher expected returns.
Informational and educational result. Not a substitute for professional advice.
Frequently asked questions
Sources
- Compound growth with periodic deposits (APY)
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Copy the code and paste it into your site or blog. Credit with a link back to Contania is included, and the height adjusts itself.
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