High Yield Savings Calculator
Compare a high yield savings account with a regular one. See the extra interest over time.
Many large banks pay well under 1% on savings. Online banks often pay several times more.
Moving your cash takes an hour. This calculator shows what that hour is worth.
How it works
Both accounts start with the same balance and get the same monthly deposit. Each compounds at its own APY.
The difference in interest is the cost of staying put.
The formula
APY = already includes compounding.
Tips
- Check that the account is FDIC insured and has no monthly fee.
- Keep your checking account where it is. Only the savings need to move.
Frequently asked questions
Is a high yield savings account safe?
Yes, if the bank is FDIC insured. Coverage is the same as at any other bank.
Why do online banks pay more?
They have no branches to run, so they pass the savings to customers to win deposits.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.