Savings Calculator: Check How Much Your Money Will Grow

Our savings calculator can show you just how much your money will grow over time.

Piggy Bank, Alarm Clock and Calculator
(Image credit: Getty Images)

Curious how much your savings could grow over time? A savings calculator can help. Whether you’ve just opened one of the best CD accounts or opted for a high-yield savings account with an impressive APY, this calculator can easily show you just how much cash you’ll have after a specified period of time, taking into account compound interest and any regular monthly contributions. 

At its latest meeting, the Federal Reserve held interest rates steady for the seventh consecutive time. Since the Federal Reserve began holding interest rates steady, savings rates have slowly fallen. However, higher-than-expected inflation has postponed any rate cuts for the time being, meaning rates will remain higher for longer than anticipated. Earlier this year, the Federal Reserve projected three interest rate cuts in 2024 to reduce the federal funds rate to a range of 4.5% to 4.75%. Now officials are estimating just one quarter-point cut for the year.

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.