Savings Calculator

Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

Your money earns interest in your savings account. But how quickly will it grow? Use this free savings calculator to see how much you'll earn over time.

Whether you're saving for retirement or for a down payment on a home, this calculator will tell you how fast you can reach your goals.

Just enter your:

  • Initial Balance: Your starting amount, or how much you'll deposit when you open an account
  • Monthly Contribution: The amount you plan to deposit every month
  • Years to Grow: The number of years you let your money grow
  • Interest Rate: The annual percentage you expect to earn from your savings or investments account. You can also choose how interest will be compounded (monthly, annually, etc.)

Use this calculator for any account that earns interest: IRAs, CDs, money market accounts, and more.

Saving money can feel like an uphill battle. Keep reading to learn how you can reach your savings goal faster.

What's a Good Interest Rate?

Your interest rate can make a big impact on how quickly you can save. According to the FDIC, the national average interest rate for savings accounts is just 0.46%.[1]

An account that offers more than the national average is a great place to start. Many online savings accounts offer rates up to 10X the national average:

Learn More: Best High Yield Savings Accounts

How Much Should I Save Each Month?

Try playing around with your monthly contributions in the calculator. You'd be surprised to see how even a small increase can really impact your total savings.

But setting aside extra money every month isn't always easy. You might have to take a look at your budget to see where you can cut down on spending. Check out these tools to take control of your money and boost your savings:

How much interest does $20,000 per year in a savings account?
If you put your money in a traditional bank that earns 0.01%, you'd have $20,002.00 by the end of the year. In a high-yield savings account that earns 0.60%, you'd have $20,120.

Where Should I Keep My Money?

You've got a couple options to keep your extra money safe. A high-yield savings account is a great start, but be sure to consider these other options too:

Account TypeBest For
High-Yield savings accountQuick access to cash when needed
Money market accountSavings account with check writing
Certificate of Deposit (CD)Locked-in interest rates
Checking accountDisposable income and everyday expenses
Investment accountLong-term savings for retirement and more

Bottom Line

Interest-bearing accounts can help you save and earn more money—much better than stuffing cash under your mattress.

Interest rates play a big role in how fast your money will grow. Before you open a savings account, use our calculator to compare rates from different banks. Online banks will usually have the best rates available.

And remember, your savings will grow surprisingly fast even with modest contributions each month. The most important thing is to stay consistent and keep saving. Each step will take you closer to your goals.


Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

How Much Should I Save?

How much of my income should I save? Depends if it's for retirement, a house, college, a car or other goals. Find out how the 50/20/30 rule can help you.

Articles on Savings Calculator

How Long Will It Take to Save Calculator

Saving up money takes discipline, but it can be incredibly rewarding. Use this calculator to see how long it will take to reach your savings goal.
Save money and build wealth. Sign up to get our FREE email newsletter.
DR Bank Review

DR Bank Review

DR Bank offers a range of banking options with no fees or minimums. Plus, you can open a high-yield account through Raisin. Read on for more details.
More Articles in Bank Reviews & Deals

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.