Savings Account Interest Calculator
Estimate the interest a savings account will pay. Uses the APY your bank quotes and supports monthly deposits.
Banks advertise savings rates as APY. That figure already includes compounding, so this calculator works straight from it.
Enter your deposit and the APY. You get the interest earned and the balance over time.
How it works
The APY is converted into an equivalent monthly rate. Interest is added each month, then your deposit.
Because APY includes compounding, the result matches what your bank statement should show.
The formula
APY = annual percentage yield as a decimal.
Tips
- Rates on savings accounts change. Recheck yours a couple of times a year.
- Online banks often pay several times the rate of large branch banks.
Frequently asked questions
Is interest on savings taxable?
Yes, interest counts as ordinary income on your federal return. Your bank sends a 1099-INT if you earn $10 or more.
Is my money safe?
Deposits at FDIC insured banks are covered up to $250,000 per depositor, per bank, per ownership category.
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.