How to Calculate Interest on Savings
With a savings account, your money grows over time based on how much you save each month, the interest rate on the account, and how long you save. This savings calculator is designed to illustrate how your savings will grow using compound interest, which is the most common type of interest for savings accounts. The interest in this calculator is compounded monthly.
Enter how much your initial deposit will be or how much you currently have in savings as the Starting Amount. Move the Monthly Savings slider to the amount you plan to contribute each month. Adjust the Interest Rate slider to the interest rate on your savings account. Finally, move the Years to Save slider to see how much you can save over time if you keep saving the same amount each month.