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Savings Calculator & Savings Goal Calculator
Savings balance over time with deposits and APY, or how long and how much a month to reach a savings goal.
Calculated in your browser – nothing you enter is sent or stored.
This savings calculator shows how your savings grow with regular deposits and interest. Switch modes to find how long it takes to reach a savings goal – an emergency fund, a down payment, a car – or how much to save each month to get there by a certain date. It uses the APY your bank advertises and shows a year-by-year table.
How to Use the Savings Calculator
- Choose what to calculate: how much I will have, how long to reach a goal or monthly deposit for a goal.
- Enter your starting balance, monthly deposit and the account's APY.
- Enter the number of years, or your goal amount.
Example: Saving $300 a Month
Starting with $2,000 and saving $300 a month in a high-yield account paying 4% APY, you have about $22,287 after 5 years. You deposited $20,000; $2,287 is interest.
- Time to $20,000: at the same $300 a month, about 4 years 6 months.
- Monthly deposit for $20,000 in 5 years: about $265 a month.
How APY Works
APY (annual percentage yield) is the interest you earn in a year, including compounding. Banks are required to show it, so it is the right number for comparing accounts. The calculator converts APY to an equivalent monthly rate, (1 + APY)1/12 − 1, and adds interest each month. Savings account rates are variable and can change at any time; a CD locks in a rate.
How Much Should You Have in Savings?
| Goal | Common target |
|---|---|
| Starter emergency fund | $1,000 or one month of expenses |
| Full emergency fund | 3–6 months of essential expenses |
| Home down payment | 3%–20% of the price, plus 2%–5% for closing costs |
| Car | 20% down on a new car, or the full price of a used one |
Money for retirement belongs in tax-advantaged accounts – see the 401(k) calculator and Roth IRA calculator.
Tips to Save More
- Automate it: set up a transfer for payday so saving happens first.
- Use a high-yield savings account: online banks often pay ten times or more what traditional savings accounts pay.
- Keep it insured: FDIC and NCUA insurance covers $250,000 per depositor, per institution, per ownership category.
- Save raises and windfalls: put part of every raise, bonus and tax refund straight into savings.
- Remember taxes: interest is taxable income, reported on Form 1099-INT.
Sources
- FDIC – National rates and rate caps (average savings rates)
- CFPB – An essential guide to building an emergency fund
- FDIC – Deposit insurance
Last reviewed: October 2026 by the ShrinkBee team. Results are estimates for planning and education, not financial, tax, legal or medical advice.
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