Savings Calculator

Compound interest · Contributions · Tax · Inflation · Full schedule

Initial Deposit ?

Interest Rate ?

Compounding ?

Years to Save

Contributions

Annual Contribution

%/yr

Monthly Contribution

%/yr

Contribution Timing ?

Beginning End

Adjustments

Tax Rate ?

Inflation Rate ?

📊 Enter your savings details on the left and see your full balance, schedule, and chart here.

Ending Balance

$92,117

10 years · 4.8% · monthly compounding

Total Interest

$14,798

Effective APY

4.908%

Initial Deposit

$20,000

Contributions

$57,319

Interest Earned

$14,798

After-Tax Balance

$89,362

at 22% tax

Inflation-Adjusted

$68,525

at 3% inflation

Total ROI

21.4%

on invested capital

$92K

total

📈 Growth Over Time

📋 Accumulation Schedule

Mo	Date	Deposit	Interest	Balance

How Savings Calculators Work

This calculator uses the compound interest formula extended with periodic contributions. Each compounding period, interest is calculated on the current balance, then contributions are added (at the beginning or end, per your selection).

A = P(1 + r/n)^(nt) + C × [(1+r/n)^(nt) - 1] / (r/n) P=principal, r=rate, n=periods/yr, t=years, C=periodic contribution

Contribution growth increases each annual or monthly deposit by a set % per year, reflecting salary raises or stepped savings goals. This is a feature not found on calculator.net.

APY vs APR

APY (Annual Percentage Yield) is the effective annual rate after compounding: APY = (1 + APR/n)ⁿ - 1. A 4.8% APR compounded monthly gives APY = 4.908%. Always compare APY between accounts.

💡

High-yield savings accounts (HYSA) currently offer 4.5-5.1% APY. Online-only banks (Marcus, Ally, SoFi, Discover) consistently beat brick-and-mortar rates by 4-5×.

Contribution Timing Impact

Depositing at the beginning of each period means your contribution earns interest for that period. Depositing at the end means it earns interest from the next period. On $500/month at 5% for 20 years, beginning deposits produce ~$2,000 more than end deposits.

Savings Strategies & FAQ

How much should I save per month?

The 50/30/20 rule: spend 50% of take-home on needs, 30% on wants, and save 20%. For a $4,000/month take-home, that's $800/month. At 4.8% APY for 20 years, $800/month grows to over $321,000 - even before any initial deposit.

Does compounding frequency matter much?

The jump from annual to monthly compounding adds ~0.1-0.15% APY on a 5% rate. Daily vs monthly adds only ~0.01%. The rate itself matters far more than frequency - a 5.0% daily account still beats a 4.8% monthly account by a wide margin.

Are savings account interest earnings taxable?

Yes - interest from savings accounts, CDs, and money market accounts is taxed as ordinary income in the US. In the 22% bracket, you keep 78 cents of every interest dollar. Tax-advantaged alternatives: I-bonds (federal tax only, deferred), Roth IRA (tax-free growth if you qualify), HSA (triple tax-advantaged).

What is a realistic savings interest rate?

As of 2026: top high-yield savings accounts (HYSA) offer 4.5-5.1% APY. Traditional bank savings: 0.01-0.5% (avoid). 1-year CDs: 4.5-5.3%. Money market funds: 4.8-5.0%. I-bonds: linked to CPI, variable. Always shop online banks for the best HYSA rates.

Quick Savings Reference

Monthly Save	10 Years @ 5%	20 Years @ 5%	30 Years @ 5%
$200	$31,056	$82,549	$166,452
$500	$77,641	$206,372	$416,129
$1,000	$155,282	$412,744	$832,258