About the Savings Calculator
This savings calculator shows how much you will have saved after a set number of years, based on what you have today, how much you add each month, and the interest rate your account pays. It splits the final balance into money you deposited and interest earned, and charts the growth year by year.
Use it to plan a house deposit, a new car or a general savings pot, or to see what a high-yield savings account could do compared with a standard one. You can raise your monthly deposit each year (for example in line with pay rises) and set an inflation rate to see what the final balance is worth in today’s money.
The calculation assumes deposits are made at the end of each month and the rate stays fixed for the whole period. Savings account rates change over time, so re-run the numbers when your bank changes its rate. Interest is shown before any tax you may owe on it.
With the default inputs, the final balance is $38,074.58. Change any value above to recalculate instantly.
How to use the savings calculator
- 1Enter your current savings balance.
- 2Enter how much you will deposit each month.
- 3Enter your account’s interest rate and how often it compounds.
- 4Choose how many years you plan to save.
- 5Optionally add a yearly deposit increase and an inflation rate.
- 6Read the final balance, then check the chart and table to see growth each year.
Formula and method
The starting balance P grows by the effective monthly rate i for n months. Each monthly deposit D is added at the end of the month and grows for the months that remain, which is the future value of an ordinary annuity. The effective monthly rate converts your account’s stated rate r and compounding frequency k into a monthly equivalent, so daily and monthly compounding are both handled correctly.
When you choose a yearly deposit increase, the calculator steps through each month and raises the deposit at the start of every new year, so the closed-form formula becomes a month-by-month simulation. The inflation-adjusted balance divides the final balance by (1 + inflation)^years.
- FV
- Final balance
- P
- Starting balance
- D
- Monthly deposit
- r
- Annual interest rate (decimal)
- k
- Compounding periods per year
- n
- Number of months (years × 12)
Worked examples
$5,000 plus $200 a month at 4.5% for 10 years
You deposit $5,000 up front plus $200 × 120 months = $29,000 in total. Monthly compounding at 4.5% adds about $9,075 of interest, for a balance of roughly $38,075. With 2.5% inflation that is worth about $29,744 in today’s money.
$500 a month from zero at 5%, daily compounding, 20 years
Saving $500 a month for 20 years puts in $120,000. At 5% compounded daily (an effective monthly rate of about 0.4175%), interest adds roughly $85,756, so you finish with about $205,756.
Raising deposits 3% every year
Starting at $200 a month and raising it 3% each year means you deposit about $32,513 over 10 years instead of $29,000. The balance reaches about $42,124 — roughly $4,000 more than keeping deposits flat.
Frequently asked questions
How much will I have if I save $200 a month?+
At 4.5% compounded monthly, $200 a month grows to about $30,200 after 10 years and about $77,600 after 20 years. Enter your own rate and starting balance above for an exact figure.
Does compounding frequency make a big difference?+
Only a small one. At 4.5%, monthly compounding gives an APY of 4.594% and daily compounding 4.602%. The rate itself and how long you save matter far more than daily versus monthly compounding.
Is interest on savings taxable?+
In most countries yes. In the US, savings interest is taxed as ordinary income and banks report it on Form 1099-INT. Tax-advantaged accounts such as an HSA, Roth IRA, UK ISA or Canadian TFSA can shelter interest.
What is a good savings rate?+
Compare the APY on high-yield savings accounts, money market accounts and CDs; online banks usually pay far more than big-branch banks. A rate at or above inflation keeps your savings’ purchasing power from shrinking.
Should I save or invest?+
Savings accounts suit money you may need within a few years, such as an emergency fund or house deposit. For goals ten or more years away, diversified investments have historically grown faster, though with ups and downs.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.
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