How much interest will your savings earn? Type in your numbers and this savings calculator does the math as you go.
Total deposited includes your starting balance. The example numbers are there to show how it works. They aren’t any bank’s rate, so swap in your own.
How this savings calculator works
The calculator turns the APY you enter into a monthly rate, which is (1 + APY) raised to the 1/12 power, minus 1. Then it adds that interest to your balance every month and drops your deposit in at the end of each month.
That’s it. So $5,000 to start, $200 a month and a 4.00% APY comes out to about $19,319 after 5 years. You put in $17,000 of that, and the other $2,319 is interest.
It rounds to the nearest dollar, and it tops out at $10 million, $100,000 a month, 20% APY and 50 years. For a long stretch the table skips years so it stays short.
APY vs. interest rate
Banks show you two numbers, and they aren’t the same thing. The interest rate is the yearly rate before compounding. APY, or annual percentage yield, is what you actually earn over a full year once the interest you’ve already been paid starts earning interest too. APY is always the same or a little higher.
So use the APY here. It’s the number banks advertise, and it’s the one the calculator expects.
How often do banks compound interest?
It depends on the account. Daily and monthly are the two you’ll see most, and your bank has to tell you how often it compounds and how often it pays the interest into your account.
Does daily beat monthly? Not if the APY is the same.
The APY already has the compounding baked in, so two accounts with the same APY pay you the same amount over a year. That’s why you can compare banks on APY alone and why this calculator only asks for one rate.
What savings earn in a year at different rates
Here’s one year of interest on four balances with no new deposits. These are examples, and it’s our arithmetic: the balance times the APY.
| Balance | 0.37% APYnational average | 3.50% APYexample | 4.00% APYexample |
|---|---|---|---|
| $1,000 | $3.70 | $35 | $40 |
| $5,000 | $18.50 | $175 | $200 |
| $10,000 | $37 | $350 | $400 |
| $25,000 | $92.50 | $875 | $1,000 |
0.37% is the FDIC’s national rate for savings accounts as of September 21, 2026. The 3.50% and 4.00% columns are round numbers picked for the example, not offers from any bank.
Look at the $10,000 row. That’s $37 for the year at the national average and $400 at 4.00%. Same money, same year.
Where to find a rate to type in
Already have a savings account? Your APY is on your statement or in your bank’s app. Start with that so you know what you’re earning right now.
Then try a higher one. We keep a list of the best high-yield savings accounts with the APY, the minimum to open and the date we read each rate on the bank’s own site. Plug one of those in and see how far apart the two results are.
Do you pay taxes on savings interest?
Yes. The IRS counts interest as taxable income in the year it becomes available to you, even if you never take it out of the account.
If a bank pays you $10 or more in a year, you should get a Form 1099-INT from it. You have to report all of your interest on your federal return either way.
The calculator doesn’t take taxes out. So if it shows $400 of interest and your federal rate is 22%, about $88 of that goes to taxes and you keep about $312.
Your state may want a cut too.
Why your result is an estimate
The big one is the rate.
A savings account’s rate is variable, which means the bank can raise or lower it whenever it wants. The calculator has to assume your APY stays put for the whole time, and over five or ten years it won’t.
Timing matters a little too. The math here adds your deposit at the end of each month. Put money in earlier and you’ll earn a bit more than this shows.
Bottom line: it’s really good for comparing two rates or two monthly amounts, and for a ballpark of where you’ll land.
Don’t treat the last dollar as a promise.
Savings calculator FAQ
How much interest does $10,000 earn in a year?
It’s the balance times the APY. At a 4.00% APY, $10,000 earns $400 in a year. At 0.37%, the FDIC’s national rate for savings as of September 21, 2026, it earns $37.
Can I use this for a CD or a money market account?
Yes. The math is the same for any account that quotes an APY. A CD usually takes one deposit up front, so set the monthly deposit to $0. For example, $10,000 at a 4.00% APY for 2 years comes to $10,816.
How much do I need to save each month to reach $10,000?
Starting from $0 at a 4.00% APY, you’d need about $263 a month to get there in 3 years. For your own goal, set the years and the APY, then change the monthly deposit until the ending balance hits your number.
What if I deposit at the start of the month instead of the end?
You earn a little more, because each deposit gets one extra month of interest. With the example numbers in the calculator, it works out to about $43 more over 5 years.
Does the calculator account for taxes or inflation?
No. It shows the dollars your account would hold. You’ll owe income tax on the interest, and prices will be higher by the time you spend it.
Now for the part the calculator can’t do, which is finding the money to put in. If you want a number to shoot for, here’s how to save $1,000 a month. Short on room in the budget? Try these ways to save money fast, or browse the rest of our save money guides.
Sources (4)
We use primary sources: federal agencies’ own pages and regulations.
- FDIC. National Rates and Rate Caps. fdic.gov. Accessed October 13, 2026.
- Consumer Financial Protection Bureau. 12 CFR 1030.2, Definitions (Truth in Savings). consumerfinance.gov. Accessed October 13, 2026.
- Consumer Financial Protection Bureau. 12 CFR 1030.4, Account disclosures (Truth in Savings). consumerfinance.gov. Accessed October 13, 2026.
- IRS. Topic no. 403, Interest received. irs.gov. Accessed October 13, 2026.
