This Savings Account Interest Calculator shows exactly how your money grows with compound interest over time. Enter your initial deposit, annual interest rate, time period, optional monthly contributions, and compounding frequency to get your final balance, total interest earned, and a year-by-year ...
Current HYSA rates: 4.5–5.0% · Regular savings: 0.5–2%
Set to $0 for lump-sum only calculation
Most HYSAs and savings accounts compound daily or monthly
FINAL BALANCE
$19,135.70
INTEREST EARNED
$1,935.70
CONTRIBUTED
$17,200.00
EFF. APY
4.590%
GROWTH
+91.4%
FINAL BALANCE AFTER 3 YEARS
$19,135.70
INTEREST EARNED
$1,935.70
EFF. APY
4.590%
INTEREST %
10%
BALANCE GROWTH BY YEAR
FINAL BALANCE COMPOSITION
Total Contributed
$17,200.00
Interest Earned
$1,935.70
TOTAL CONTRIBUTIONS
$17,200.00
TOTAL INTEREST
$1,935.70
EFFECTIVE APY
4.590%
BALANCE GROWTH
91.36%
Live chart · updates as you type
| YEAR | OPENING BALANCE | CONTRIBUTIONS | INTEREST | CLOSING BALANCE | CUMUL. INTEREST |
|---|---|---|---|---|---|
| Year 1 | $10,000.00 | $2,400.00 | $509.51 | $12,909.52 | $509.52 |
| Year 2 | $12,909.52 | $2,400.00 | $643.18 | $15,952.71 | $1,152.71 |
| Year 3 | $15,952.71 | $2,400.00 | $782.97 | $19,135.70 | $1,935.70 |
| TOTAL | $7,200.00 | $1,935.70 | $19,135.70 | $1,935.70 |
Enter your initial deposit — the amount you are starting with. This can be $0 if you are only making monthly contributions.
Enter your annual interest rate (APR) — check your bank's current rate. High-yield savings accounts (HYSAs) offer 4.5–5.0% APY. Traditional savings accounts typically offer 0.5–2%.
Enter the time period in years. You can use decimals: 0.5 for 6 months, 2.5 for 2 years and 6 months.
Enter a monthly contribution if you plan to add money regularly. Set to $0 for a lump-sum only calculation.
Select the compounding frequency. Most savings accounts and HYSAs compound daily or monthly. Daily compounding results in slightly higher returns than monthly.
Your final balance, interest earned, and effective APY appear instantly. Scroll down to see the year-by-year breakdown table. Click 'Show monthly breakdown' to see month-by-month detail for terms up to 10 years.
Example: Initial deposit $10,000 at 4.5% APR, monthly compounding, 3 years, $200/month contributions. Monthly rate = (1 + 0.045/12)^(12/12) − 1 = 0.375%. Lump-sum growth: $10,000 × (1.00375)^36 = $14,442.37. Monthly contribution FV: $200 × [(1.00375^36 − 1) / 0.00375] = $200 × 38.464 = $7,692.80. Final balance: $14,442.37 + $7,692.80 = $22,135.17. Total contributed: $10,000 + ($200 × 36) = $17,200. Total interest: $22,135.17 − $17,200 = $4,935.17. Effective APY: (1 + 0.045/12)^12 − 1 = 4.594%.
| NAME | FORMULA | DESCRIPTION |
|---|---|---|
| Compound Interest | A = P × (1 + r/n)^(nt) | A = final amount, P = principal, r = annual rate, n = compounding frequency, t = years |
| Monthly Rate | monthly_rate = (1 + r/n)^(n/12) − 1 | Effective monthly rate accounting for compounding frequency |
| FV with Contrib. | FV = P(1+i)^m + C × [(1+i)^m − 1] / i | i = monthly rate, m = months, C = monthly contribution |
| Effective APY | APY = (1 + APR/n)^n − 1 | True annual yield after compounding — always ≥ APR |
| Interest Earned | Interest = Final Balance − Total Contributions | Total interest earned over the term |
| Rule of 72 | Years to double ≈ 72 ÷ Annual Rate (%) | Quick estimate: at 4.5%, money doubles in ~16 years; at 7%, ~10 years |
Disclaimer: This calculator is for informational purposes only. Interest rates shown are illustrative. Actual rates vary by institution and change over time. FDIC insures deposits up to $250,000 per depositor per institution. This is not financial advice.
Last updated: April 29, 2026 · Formula verified by EagleCalculator team · Eagle-eyed accuracy for every calculation.