High-Yield Savings Calculator

How this calculator works

Enter how much you have saved, how much you will add each month, how many years you will save and the APY (annual percentage yield) of each account. The calculator adds your deposit at the end of each month and compounds interest monthly, so the result includes interest earned on your interest.

The rates filled in are only examples. Savings rates change often, so type in the APY your bank shows today. Learn how these accounts work in our guide to high-yield savings accounts.

Before you move your savings

• Check the insurance: make sure the bank is FDIC-insured or the credit union is NCUA-insured.
• Read the requirements: some accounts need a minimum balance or direct deposit to pay the top rate.
• Remember that the rate is variable: it can go up or down. If you want a fixed rate, compare savings, CDs and money market accounts.
• Interest is taxable: your bank may send you a Form 1099-INT if you earn $10 or more.

Frequently asked questions

What is APY?
APY is the yearly return including compound interest. It is the best number to compare savings accounts.

Is the result guaranteed?
No. It assumes the APY stays the same the whole time, but savings rates are variable and can change at any time.

How much should I keep in savings?
A common goal is an emergency fund of three to six months of basic expenses. If that feels far away, start with $500 to $1,000. See how to build an emergency fund on a small income.

This calculator gives estimates for educational purposes only. It is not financial advice, and your real numbers may differ.