When you save money in an account that earns interest, that interest builds over time. Use our savings calculator to see how much you’ll accumulate by saving part of your cash flow each month.
|Current Amount Saved:|
|Monthly Savings Amount:|
|Annual Rate of Return (%):|
|Number of Years:|
How to Use the Simple Savings Calculator
You need to know these four numbers in order to use this savings calculator:
Current Amount You Already Have Saved - This could also be your initial deposit
Your Monthly Savings Amount - What you plan to put in the account each month
The Annual Rate of Return - How much interest your account earns each year
The number of years you plan to save
It’s okay if you don’t have these numbers all figured out yet: You can run the calculation as many times as you need in order to see what it would look like if you saved a different amount each, found a higher interest rate, etc.
Savings Calculator Example
Say that you currently have $5,000 in savings and are able to save $400 per month over a 30-year period. You also think that you can achieve a 7% return on your money each year.
Enter “$400” as the Monthly Savings Amount, “30” as the Number of Years and “7%” as the Annual Rate of Return. If you already have $5,000 saved up, enter “$5,000” as your Current Amount Saved.
How Much You’d Earn
If you start with $5,000 and save an additional $400 each month (while earning 7.00% on your investment), you will have accumulated $528,570.89 after 30 years.
The Best Rates for Savings Accounts
Find the best rates for savings accounts by using our tool below.