Using our savings calculator can help you quickly determine how much your money will grow over time. If you invested either $1,000, $5,000 or even $10,000 in a high-earning account several years ago, you could be several thousand dollars richer today. Whether you’ve just opened one of the best CD accounts or opted for a high-yield savings account with an impressive APY, a savings calculator can easily show you just how much cash you’ll have after a specified period of time, depending on your account APY and any regular monthly contributions you make.
Savings rates had risen for months as the Federal Reserve raised interest rates to combat inflation. However, savings rates have started to fall over the last few months after the Fed paused its rate-hiking campaign. Savings rates fell even further after the Fed cut the federal funds rate by half a percentage point at the September meeting. The Fed is expected to continue cutting rates this year and is projected to continue rate cuts in 2025. As such, your savings rates will continue dropping throughout the next couple of years.
Savings calculator
You can use our savings calculator below to determine how much you'll save depending on several factors — APY, time period, initial deposit and monthly contributions.
To use the calculator, start by inputting the amount of cash you're starting with, or the initial deposit. From there, add in the amount you plan on contributing to the account as a monthly deposit. After this, you'll then be able to choose from a number of savings accounts with varying APYs. Select a period of time over which your investment will grow, and our calculator will do the work for you, calculating your potential savings.
If you invested $1,000 five years ago, here's what you'd have now
If you were to invest $1,000 in one of the top-earning savings accounts on the market, here's how much you'd have after five years, depending on the account APY (with no monthly contributions). However, keep in mind that yields on high-yield savings accounts fluctuate based on the market, meaning rates on your account can go increase or decrease over the years. For this reason, these are just estimated savings projections without taking into account fluctuations in rates.
On the other hand, rates on CDs are locked in upon opening the account, so you'll get a more accurate prediction of how much you'll save over time. Keep in mind that savings rates will drop later this year and next as the Federal Reserve continues to cut interest rates, so consider locking in a CD with a high rate while you still can.
APY: 5.55%
Total interest earned: $310.06
Total balance: 1,310.06
APY: 5.25%
Total interest earned: $291.55
Total balance: $1,291.55
APY: 5.15%
Total interest earned: $285.42
Total balance: $1,285.42
APY: 5.00%
Total interest earned: $276.28
Total balance: $1,276.28
APY: 4.50%
Total interest earned: $246.18
Total balance: $1,246.18
APY: 4.00%
Total interest earned: $216.65
Total balance: $1,216.65
APY: 3.50%
Total interest earned: $187.69
Total balance: $1,187. 69
APY: 3.00%
Total interest earned: $159.27
Total balance: $1,159. 27
If you were to boost your savings by making regular monthly contributions, you'd earn even more interest. Even just contributing $50 a month can make a big difference after several years. If you were to invest $1,000 in one of the top-earning high-yield savings accounts and saved an additional $50 every month (an additional $3,000), here's how much you'd have after five years (not considering rate fluctuations).
APY: 5.55%
Total interest earned: $746.50
Total balance: $4,746.50
APY: 5.25%
Total interest earned: $702.96
Total balance: 4,702.96
APY: 5.15%
Total interest earned: $688.53
Total balance: $4,688.53
APY: 5.00%
Total interest earned: $666.97
Total balance: $4,666.97
APY: 4.50%
Total interest earned: $595.77
Total balance: $4,595.77
APY: 4.00%
Total interest earned: $525.60
Total balance: $4,525.60
APY: 3.50%
Total interest earned: $456.46
Total balance: $4,456.46
APY: 3.00%
Total interest earned: $388.32
Total balance: $4,388.32
If you invested $5,000 five years ago, here's what you'd have now
Of course, if you boosted your savings from $1,000 to $5,000, you'd earn significantly more in interest after five years.
APY: 5.55%
Total interest earned: $1,550.3
Total balance: $6,550.30
APY: 5.25%
Total interest earned: $1,457.74
Total balance: $6,457.74
APY: 5.15%
Total interest earned: $1,427.12
Total balance: $6,427.12
APY: 5.00%
Total interest earned: $1,381.41
Total balance: $6,381.41
APY: 4.50%
Total interest earned: $1,230.91
Total balance: $6,230.91
APY: 4.00%
Total interest earned: $1,083.26
Total balance: $6,083.26
APY: 3.50%
Total interest earned: $938.43
Total balance: $5,938.43
APY: 3.00%
Total interest earned: $796.37
Total balance: $5,796.37
Here's how much you'd have after five years (not taking into account fluctuations in rates) if you were to save an additional $100 each month ($6,000 in additional contributions).
APY: 5.55%
Total interest earned: $2,423.17
Total balance: $13,423.17
APY: 5.25%
Total interest earned: $2,280.56
Total balance: $13,280.56
APY: 5.15%
Total interest earned: $2,233.33
Total balance: $13,233.33
APY: 5.00%
Total interest earned: $2,162.78
Total balance: $13,162.78
APY: 4.50%
Total interest earned: $1,930.09
Total balance: $12,930.09
APY: 4.00%
Total interest earned: $1,701.17
Total balance: $12,701.17
APY: 3.50%
Total interest earned: $1,475.98
Total balance: $12,475. 98
APY: 3.00%
Total interest earned: $1,254.47
Total balance: $12,254.47
How much should you save?
How much you should save each month depends on your specific financial situation, but a general rule of thumb is to put aside three to six months’ salary or living expenses in an emergency fund. Another general rule that can help you prioritize savings is the 60-30-10 budget rule, in which you’ll budget 60% of your monthly income toward necessities, 30% toward wants and 10% towards savings or paying down debts.
Choosing a savings account
Choosing a savings account depends on your personal financial goals. Here's what to consider.
Certificate of Deposit (CD): A certificate of deposit, or CD, is a type of savings account that holds a fixed amount of money for a fixed period of time. Typical term lengths for CDs range anywhere from three months to five years, so it’s not somewhere you’d store cash you need easy access to. Instead, it’s a good place to save cash you’re holding onto for a particular savings goal. For example, you may plan on purchasing a vehicle or making a down payment on a home in two years and are looking for a no-risk way to grow these savings.
Savings account: On the other hand, savings accounts are better suited for cash you’ll want easy access to, like emergency fund savings. If you want to maximize these savings, consider opening a high-yield account. High-yield savings accounts are the same as traditional savings accounts, but they pay a higher-than-average APY on deposits.
Balance and deposit requirements: Some accounts have minimum balance and/or deposit requirements. If you fail to meet these, you could incur a fee.
Safety: Be sure to check whether a savings account is FDIC or NCUA insured to keep your savings safe.
Compare some of the best savings accounts below.
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