Savings Calculator: Check How Much Your Money Will Grow

Curious how much your savings could grow over time? A savings calculator can help. Whether you’ve just opened one of the best CD accounts or opted for a high-yield savings account with an impressive APY, this calculator can easily show you just how much cash you’ll have after a specified period of time, taking into account compound interest and any regular monthly contributions. 

At its latest meeting, the Federal Reserve held interest rates steady for the seventh consecutive time. Since the Federal Reserve began holding interest rates steady, savings rates have slowly fallen. However, higher-than-expected inflation has postponed any rate cuts for the time being, meaning rates will remain higher for longer than anticipated. Earlier this year, the Federal Reserve projected three interest rate cuts in 2024 to reduce the federal funds rate to a range of 4.5% to 4.75%. Now officials are estimating just one quarter-point cut for the year.

Savings calculator

To use the calculator, start by inputting the amount of cash you're starting with, or the initial deposit. From there, add in the amount you plan on contributing to the account as a monthly deposit. After this, you'll then be able to choose from a number of savings accounts with varying APYs. Select a period of time over which your investment will grow, and our calculator will do the work for you, calculating your potential savings.

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How much should you save?

How much you should save each month really depends on your specific financial situation, but a general rule of thumb is to put aside three to six months’ salary or living expenses in an emergency fund. Another general rule that can help you prioritize savings is the 50-30-20 budget rule, in which you’ll budget 50% of your monthly income toward necessities, 30% toward wants and 20% towards savings.  

Choosing a savings account  

Choosing a savings account depends on your personal financial goals. Here's what to consider. 

Certificate of Deposit (CD): A certificate of deposit, or CD, is a type of savings account that holds a fixed amount of money for a fixed period of time. Typical term lengths for CDs range anywhere from three months to five years, so it’s not somewhere you’d store cash you need easy access to. Instead, it’s a good place to save cash you’re holding onto for a particular savings goal. For example, you may plan on purchasing a vehicle or making a down payment on a home in two years and are looking for a no-risk way to grow these savings.  

Savings account: On the other hand, savings accounts are better suited for cash you’ll want easy access to, like emergency fund savings. If you’re looking to maximize these savings, consider opening a high-yield account. High-yield savings accounts are the same as traditional savings accounts, but they pay a higher-than-average APY on deposits.  

Balance and deposit requirements: Some accounts have minimum balance and/or deposit requirements. If you fail to meet these, you could incur a fee.  

Safety: Be sure to check whether a savings account is FDIC or NCUA insured to keep your savings safe. 

Compare some of the best savings accounts below. 

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