🐷 Savings Calculator

Project your savings growth with regular contributions and compound interest, or find out how long to reach a goal.

Savings Mode

$
$
%
Total Savings
$0
Total Deposited
$0
Interest Earned
$0
Monthly Contribution
$0
Effective Rate
0%

How to Use the Savings Calculator

Project Growth: Enter your starting balance, monthly contribution, interest rate, and time period to see how your savings will grow.

Reach a Goal: Enter your target amount, starting balance, interest rate, and monthly contribution to find out when you'll reach your goal.

Where to Keep Your Savings

  • High-yield savings account (HYSA): 4–5% APY in 2024, FDIC insured, fully liquid
  • CDs (Certificates of Deposit): 4.5–5.5% APY, fixed term, penalty for early withdrawal
  • Money market accounts: 4–5% APY, check-writing ability, FDIC insured
  • Treasury bills: 4.5–5.3% yield, backed by US government, low minimum
What is APY vs interest rate? +
APY (Annual Percentage Yield) accounts for the effect of compounding within the year, while the interest rate (APR) does not. APY is always equal to or greater than the APR. Banks advertise APY for savings accounts because it's the more favorable number.
How much of my income should I save? +
Common guidelines include the 50/30/20 rule (save 20% of take-home pay) and the recommendation to have 3–6 months of expenses in an emergency fund. For retirement, aim to save 15% of gross income (including employer match) starting in your 20s.