When money is saved in an interest-earning account, that interest builds over time. This is also known as compound interest. With our easy savings calculator, you’ll be able to determine how much you’ll accumulate if you save the same amount of money each month.
|Current Amount Saved:|
|Monthly Savings Amount:|
|Annual Rate of Return (%):|
|Number of Years:|
How to Use Our Free Simple Savings Calculator
To use this InvestingAnswers calculator, you’ll need to have four numbers:
- 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)
- 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 multiple times to see how different amounts, higher interest rates, etc. will change your prospective savings.
Savings Calculator Example
Say that you currently have $5,000 in savings. If you save $200 a month for 30 years – with a 7% return on your money each year – you would enter the following information:
- “$5,000” as your Current Amount Saved.
- “$200” as the Monthly Savings Amount
- “30” as the Number of Years
- “7%” as the Annual Rate of Return.
How Much Will I Save?
If you start with $5,000 and save an additional $400 each month (while earning 7.00% on your investment), you will have accumulated $284,576.69 after 30 years.
The Best Rates for Savings Accounts
Find the best rates for savings accounts by using our tool below.