Savings Calculator
Calculate how your savings account will grow over time with regular deposits and compound interest.
Input Parameters
Results
Grow Your Savings
Regular deposits combined with compound interest create exponential growth. The effective annual yield (EAY) accounts for compounding frequency and shows the true annual return on your savings.
What is the Savings Calculator?
The Savings Calculator is a goal-oriented tool designed for High Yield Savings Accounts (HYSA). It helps you determine exactly how much you need to save each month to reach a specific financial goal, like a down payment or an emergency fund.
How It Works (Algorithm)
The calculator uses compound interest logic, but tailored for the lower APYs (Annual Percentage Yields) found in bank accounts. Because savings accounts often compound daily, the formula adjusts the frequency to provide highly accurate, penny-perfect forecasts.
$$ A = P \left(1 + \frac{r}{365}\right)^{365 \times t} $$
The daily compounding formula used by most modern savings banks.
How to Use It
Enter your initial deposit and your planned monthly additions. Input the APY your bank offers. The tool will calculate your final balance and show you exactly how much "free money" you earned in interest from the bank.