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Savings Calculator

What a savings account grows to at an APY, with a deposit every month, year by year.

Starting with $10,000 and adding $200 a month at 4% APY, you'd have $25,402 after 5 years: $22,000 you put in and $3,402 of interest.

Balance after 5 years
$25,402
You put in
$22,000
Interest earned
$3,402
Interest in the first year
$444
Savings balance and money put in over 5 years at 4% APY$0$10k$20k$30k012345Years━Balance━Money put in
Download the schedule (CSV)
Year by year: $10,000 plus $200 a month at 4% APY
YearPut in so farInterest that yearInterest so farBalance
1$12,400.00$443.69$443.69$12,843.69
2$14,800.00$557.44$1,001.12$15,801.12
3$17,200.00$675.73$1,676.86$18,876.86
4$19,600.00$798.76$2,475.62$22,075.62
5$22,000.00$926.71$3,402.33$25,402.33

What $10,000 grows to with no further deposits

APY1 year3 years5 years10 years
1.00%$10,100$10,303$10,510$11,046
2.00%$10,200$10,612$11,041$12,190
3.00%$10,300$10,927$11,593$13,439
4.00%$10,400$11,249$12,167$14,802
5.00%$10,500$11,576$12,763$16,289

Interest earned in one year on a savings balance

Balance1% APY3% APY4% APY5% APY
$1,000$10$30$40$50
$5,000$50$150$200$250
$10,000$100$300$400$500
$25,000$250$750$1,000$1,250
$50,000$500$1,500$2,000$2,500
$100,000$1,000$3,000$4,000$5,000

How this calculator works

APY already includes compounding: a balance left for a year grows by exactly the APY. The calculator turns the APY into the equivalent monthly rate, (1 + APY)^(1/12) − 1, and applies it each month.

Each monthly deposit is added at the end of the month and earns interest from then on.

What it assumes

  • The APY stays the same. Savings and money market rates are variable and banks change them often; a CD's rate is fixed for its term.
  • No withdrawals or fees, and interest stays in the account.
  • Before tax: interest is taxed as ordinary income each year. The after-tax yield calculator shows what you keep.

Questions people ask

How much interest will $10,000 earn in a high-yield savings account?

At 4% APY, $400 in a year and $2,167 over five years if you leave it. At 1% APY, $100 a year.

What is the difference between APY and interest rate?

The interest rate is the simple annual rate; APY adds the effect of compounding over a year, so it is the figure to compare between accounts. Banks must quote APY on deposit accounts under Regulation DD.

How often is savings interest compounded?

Most banks compound daily or monthly and pay monthly. Because APY already includes compounding, two accounts with the same APY earn the same over a year whatever the schedule.

Is interest on savings taxed?

Yes, as ordinary income in the year it is paid, federal and state. Your bank sends a Form 1099-INT when it pays you $10 or more.

Is my money safe in a high-yield savings account?

At an FDIC-insured bank or NCUA-insured credit union, deposits are insured up to $250,000 per depositor, per institution, per ownership category.

Terms explained

Related calculators

  • Compound Interest CalculatorWhat money grows to with compound interest, compounded daily, monthly or yearly, with a deposit every month.
  • APY CalculatorTurn an interest rate and its compounding into APY, the annual percentage yield banks quote, and see what it earns.
  • After-Tax Yield CalculatorWhat a savings or CD rate keeps after federal and state income tax, and whether a Treasury bill, which is free of state tax, keeps more.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.

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