Savings Calculator
How your savings grow with monthly deposits.
- Total deposited
- $19,000.00
- Interest earned
- $2,343.71
How this calculator works
The annual percentage yield is converted to a monthly rate. Each month the balance earns interest and your deposit is added.
Formula
Monthly rate = (1 + APY)^(1/12) − 1
Example
Starting with $1,000 and saving $300 a month at 4.5% APY gives about $21,300 after 5 years.
When to use it
- Plan an emergency fund
- Save for a down payment or car
- Compare high-yield savings accounts
Frequently asked questions
What is APY?
Annual percentage yield is the rate you actually earn in a year once compounding is included. Banks advertise APY so accounts can be compared fairly.
How big should an emergency fund be?
A common guideline is three to six months of essential expenses. People with irregular income often aim for more.
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