Savings Calculator

Plan how your savings account grows with regular deposits, and see when you will hit a target such as an emergency fund.

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How to use the Savings Calculator

  1. Enter the starting balance.
  2. Enter the monthly deposit.
  3. Enter the annual percentage yield (apy).
  4. Enter the years.
  5. Enter the savings goal (optional).
  6. Press Calculate. The result updates automatically as you type.

About the Savings Calculator

A savings plan has three levers: what you start with, what you add each month and the yield your bank pays. For most people the monthly deposit is the biggest lever; at 4% APY, interest adds noticeable growth but steady deposits do most of the work over a few years.

Use the goal field for an emergency fund (often 3–6 months of expenses), a down payment or a vacation. If the timeline is too long, try raising the deposit by $50 or $100 to see how many months you save.

This is an estimate, not financial advice. Yields on savings accounts are variable and interest may be taxable.

Formula

APY already includes compounding, so the equivalent monthly rate is:

i = (1 + APY)1/12 − 1
Balance = P(1 + i)m + D × ((1 + i)m − 1) ÷ i

P is the starting balance, D the monthly deposit and m the number of months. Time to goal is found by stepping month by month until the balance reaches the target.

Example calculation

Using the default values:

  • Starting balance = $5000
  • Monthly deposit = $300
  • Annual percentage yield (APY) = 4%
  • Years = 5 years
  • Savings goal (optional) = $25000

the calculator returns:

  • Balance at the end: $25,936.97
  • Total deposited: $23,000.00
  • Interest earned: $2,936.97
  • Time to reach goal: 58 months (4.8 years)

Frequently asked questions

How much will I have if I save $300 a month?

Starting from $5,000 at 4% APY, you would have about $25,900 after 5 years, of which roughly $2,900 is interest.

Is savings account interest taxable?

In the US, interest from savings accounts is generally taxed as ordinary income in the year it is earned.

How big should an emergency fund be?

A common guideline is three to six months of essential expenses, more if your income is irregular.

Last updated: · Category: Financial calculators

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