Savings calculator
How your savings grow, or what to save each month to reach a goal.
About this calculator
This savings calculator shows how a savings account grows with regular deposits and interest. Enter a starting amount, a monthly deposit, the rate and how long you'll save.
Saving for something specific? Switch to a savings goal to see how much to put away each month to reach it in time.
How it works
Each month, interest is added at the rate for your compounding period, then your deposit goes in. To reach a goal, the calculator works out the monthly deposit that lands exactly on it.
Last reviewed:
Worked example
- Work out: What my savings grow to
- Starting amount: $2,000
- Monthly deposit: $300
- Interest rate: 4% a year
- Save for: 5 years
- Compounding: Monthly
Balance at the end: $22,331.69 (including interest)
Common questions
How much should I have in savings?
A common guideline is an emergency fund of three to six months of essential costs, kept somewhere easy to reach. Longer-term goals, like a home deposit, usually sit on top of that.
Does compounding frequency matter?
A little. Daily compounding earns slightly more than monthly or yearly at the same rate. Comparing accounts by their APY, the yearly yield after compounding, takes care of it.
Is my money safe in a savings account?
In the US, deposits at FDIC-insured banks are covered up to $250,000 per depositor, per bank, for each ownership category. Other countries have similar schemes with their own limits.
Sources and further reading
The story behind it
Where the idea came from: The Reverend Henry Duncan opened a savings bank for working families in Ruthwell, Scotland, in 1810. It is often called the first savings bank of its kind.
Duncan wanted poor families to have a safe place for small sums, with interest to reward them for saving. The idea spread quickly across Britain and to America. A savings account still works the same way: small, regular deposits plus interest, which is what this calculator adds up.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
Meet the founder