Savings Calculator With Compound Interest & Monthly Deposits

See how much your savings can grow with regular deposits and compound interest. Enter your starting balance, monthly deposit, interest rate and time horizon. Example: $10,000 plus $200 a month at 4.5% compounded monthly grows to about $45,900 in 10 years, of which $34,000 is your deposits and about $11,900 is interest.

How to use the Savings Calculator

1. Enter your starting balance and how much you will add each month.
2. Enter the annual interest rate (APY or APR) and the number of years.
3. Choose how often interest compounds.
4. Press Calculate to see your final balance and a year-by-year table.

Formula and method

Each month: Balance = Previous balance × (1 + r_m) + Deposit, where r_m = (1 + r/n)^n/12 − 1, r is the annual rate and n the compounding periods per year. Deposits are made at the end of each month.

Frequently asked questions

How does compound interest work?

You earn interest on your deposits and on the interest already earned, so growth accelerates over time.

What interest rate should I use?

Use your account’s APY. High-yield savings accounts and CDs usually pay more than traditional bank accounts, but rates change.

Is savings interest taxable?

Yes, interest is taxed as ordinary income. Money in a Roth IRA or HSA can grow tax-free under the right conditions.

Sources

• FDIC: Deposit insurance

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