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Savings Calculator

Free online savings calculator — project your savings growth with regular monthly contributions and compound interest, year by year.

Initial Savings ($)

Monthly Contribution ($)

Annual Interest Rate (%)

Time Period (years)

balance contributions

$32,703.47

Final Balance

$25,000.00

Total Contributions

$7,703.47

Interest Earned

Instant insight

Saving $40 more a month ends $6,211 higher
Of that, $4,800 is your own money and $1,411 is interest it earned along the way.
Move the standing order to $240 and set it for the day after payday — money moved before it is seen is the part people actually keep saving.
In today's money this is worth about $25,548
At 2.5% inflation, $32,703 in 10 years buys what $25,548 buys now. A nominal projection always flatters the outcome.
Keep the rate under review: accounts that open competitively are routinely cut after the first year, and the loss is silent.
One percentage point more is worth $1,892 here
That is the value of moving from a legacy account to a competitive one, for a single afternoon of admin.
Compare your current rate against the best easy-access rate available now — if the gap is a point or more, $1,892 is what staying put costs you.
The monthly habit builds more than the opening balance does
Contributions alone would reach $31,056; the starting $1,000 left alone would reach $1,647.
Protect the standing order before topping up the balance — over 10 years the habit is the stronger lever.

Worked out from your figures in your browser — nothing is sent anywhere. This is general information, not financial advice.

Compare results

Save this result, change your inputs, and recalculate to compare scenarios side by side.

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Everyday Uses

Vacation funds

Set a trip budget and a date, then find the exact monthly amount to put aside so the holiday is paid for before you leave.

Emergency funds

Plan how long it will take to build 3–6 months of expenses at your current savings rate.

Life events

Weddings, moves, a new baby — put a number and a timeline on big life moments instead of guessing.

Rate shopping

See how much difference a high-yield account actually makes on your balance over a few years.

Laddering fixed terms

Splitting savings across accounts maturing in different years keeps part of the money reachable while the rest earns the longer-term rate.

Comparing the rate to inflation

An account paying 3% while prices rise 4% is losing purchasing power despite the balance growing. The comparison that matters is against inflation, not against zero.

Frequently Asked Questions

How much should I save each month?

The 50/30/20 rule recommends saving at least 20% of take-home pay. If you earn $3,500/month net, aim for $700/month in savings. If 20% feels impossible, start with 5–10% and increase by 1% each year. Automating transfers on payday makes it far easier to stay consistent.

How much interest will I earn on my savings?

With a high-yield savings account (HYSA) at 4.5% APY, $10,000 earns about $450 in year one. With regular monthly deposits of $500, after 5 years at 4.5% you would accumulate roughly $33,600 — including about $3,600 in interest earned. Use this calculator to model your exact scenario.

How long will it take to save $10,000?

Saving $500/month at 4% APY takes about 19 months to reach $10,000. Saving $200/month takes about 47 months. The interest contribution is small in the short term, so the monthly deposit amount is the biggest lever for near-term savings goals.

Should I save money or pay off debt first?

Prioritise by interest rate: if your debt rate is higher than your savings rate (almost always true for credit cards at 20%+ vs. savings at 4–5%), pay off debt first. Exceptions: always contribute enough to a 401(k) to capture any employer match — that is an instant 50–100% return.

What is a high-yield savings account (HYSA)?

A HYSA is an FDIC-insured savings account (usually at online banks) paying significantly more than the average bank savings rate of 0.46%. As of 2024, the best HYSAs offer 4–5% APY. Moving $20,000 from a 0.5% traditional account to a 4.5% HYSA earns an extra $800 per year.

What is an emergency fund and how much should I have?

An emergency fund is 3–6 months of essential living expenses kept in liquid savings. If your monthly expenses are $2,500, you need $7,500–$15,000. Keep it in a HYSA — accessible but earning interest. Do not invest it in stocks, as markets can fall right when you need the money.