High Yield Savings Calculator
See how a high yield savings account can grow your money with compound interest. Enter your starting balance, annual percentage yield (APY), monthly contributions and timeframe to project your future balance.
How it works
This calculator uses monthly compounding. Your APY is converted to a monthly rate (r = APY/12), and your balance grows each month while you add deposits.
The starting balance grows as P*(1+r)^n, where n is the number of months. Monthly deposits use the future value of an annuity formula: PMT*(((1+r)^n - 1)/r). Adding these gives your projected future balance.
Tips
Even small monthly deposits add up dramatically over time thanks to compounding. Shop around for the highest APY, since rates between banks can vary widely.
Note that APY already accounts for compounding, so a 4.5% APY reflects what you actually earn in a year. Rates on savings accounts are variable and may change.
FAQ
What is APY?
APY (Annual Percentage Yield) is the real rate of return on your savings, including the effect of compounding interest over a year. It's higher than the simple interest rate.
How is high yield savings different from regular savings?
High yield savings accounts offer much higher APYs than traditional accounts — often several times the national average — while keeping your money liquid and FDIC-insured.
Will my rate stay the same?
No. Savings account APYs are variable and banks can change them at any time based on market conditions, so your actual growth may differ from this estimate.