Savings Calculator — See How Your Money Grows
Use this free savings calculator to project how your savings will grow over time. Enter your starting balance, monthly contribution and interest rate to see your future balance, total interest earned, savings milestones and a full year by year breakdown.
Savings Calculator
Try Another Calculator
How to Use the Savings Calculator
Enter your initial savings amount — or 0 if starting from scratch. Add your monthly contribution, annual interest rate and how many years you plan to save. Choose how often interest compounds and click Calculate for your full savings projection.
How Does Compound Interest Work?
Compound interest means you earn interest on your interest — not just your original deposit. The longer you save the more powerful this becomes. For example saving $200 per month at 5% annual interest for 20 years gives you around $82,000 — but only $48,000 of that came from your contributions. The remaining $34,000 is pure interest earned on interest.
How Much Should I Save Each Month?
A common guideline is to save at least 20% of your take-home pay — the 50/30/20 rule suggests 50% on needs, 30% on wants and 20% on savings. Even small amounts grow significantly over time. Use the calculator above to see exactly how much your current savings rate will grow to.
Tips to Grow Your Savings Faster
Start as early as possible — time is the most powerful factor in compound interest. Starting 10 years earlier can double your final balance.
Increase contributions gradually — even an extra $50 per month makes a significant difference over 10-20 years.
Find the best interest rate — a difference of just 1% in interest rate can mean thousands of dollars over a long savings period.
Avoid withdrawals — every withdrawal resets the compounding effect on that amount.
Automate your savings — set up automatic transfers so you save before you can spend.
FAQs
How is savings growth calculated?
Savings growth is calculated using the compound interest formula. Your balance grows each period by the interest rate, and future contributions also earn interest from when they’re added.
What is a good interest rate for savings?
A good savings account rate in 2026 is typically 4-5% for high yield savings accounts. Standard savings accounts often pay much less. Always shop around for the best rate available.
How much will $1,000 grow in 10 years?
At 5% annual interest compounding monthly $1,000 grows to approximately $1,647 after 10 years. Add $100 monthly and it grows to around $16,470.
What is the difference between simple and compound interest?
Simple interest is calculated only on your original deposit. Compound interest is calculated on your deposit plus all previously earned interest. Compound interest grows significantly faster over time.
How often should interest compound?
More frequent compounding means slightly more interest earned. Monthly compounding is the most common for savings accounts and gives better returns than annual compounding.
Is this calculator free?
Yes completely free with no sign-up needed.