Use this high yield savings account calculator to see exactly how your money can grow over time, and grow with daily, weekly, biweekly, monthly, and annual compounding.
Savings Account Calculator
Estimate your returns with high-yield savings.
What Is the High Yield Savings Account Calculator?
What is the high yield savings account calculator? It is a smart digital tool designed to help you predict how much money you can earn by putting your cash into a special savings account. Regular bank accounts pay a tiny bit of interest, but high yield accounts pay a lot more. This calculator takes the numbers you type in and shows you a graph of your future wealth, helping you make a plan for big goals like a car, college, or a vacation.
How to Use the Savings Account Calculator
This tool helps you see how your money can grow over time. It might look a little technical at first, but the inputs are actually pretty simple once you break them down.
Here is what each box means and how to fill it out.
Starting Balance
This is the easy part. This is simply the amount of money you have saved up right now. Maybe you have $100 from your birthday, or maybe you have $5,000 you saved from a summer job. You type that number here to start the clock. If you haven’t saved anything yet and are starting from zero, that is totally fine—just put a “0” in this box.
Monthly Deposit
This is the most important number for reaching your goals. It represents how much new cash you are going to add to your account every single month. It is like paying yourself before you buy anything else. Even if it is just $20 or $50 a month, typing this amount in shows how small habits turn into big numbers over time.
APY (Annual Percentage Yield)
This sounds like complicated bank talk, but it is actually a very good thing. APY stands for Annual Percentage Yield, and it tells you how much interest the bank is going to pay you for keeping your money with them. A high yield savings account usually has an APY around 4% or 5%, which is much higher than a normal checking account. The higher the percentage you enter here, the faster your money grows without you having to do any extra work.
Time Horizon (Years)
This slider asks you how long you plan to leave your money alone to grow. Are you saving for something one year from now, or are you thinking ten years ahead? The longer you set this timeline, the more powerful the calculator becomes because of “compound interest,” which means you start earning interest on top of the interest you already earned.
Compound Frequency
This option might look confusing, but it just tells you how often the bank updates your account balance with the interest you earned. You can choose how often the bank “does the math” to pay you.
- Daily means the bank adds a tiny bit of interest every single day, which is the fastest way to grow your money.
- Annually means the bank only adds the interest once a year, which is slower.
Most high yield savings accounts compound daily, so keeping this setting on “Daily” will give you the most accurate result for your savings plan.