Savings Calculator

Calculate the future value of your savings with regular deposits

Savings Calculator

Saving money is one of the simplest yet most powerful steps toward financial security. A Savings Calculator helps you estimate how much your savings will be worth in the future based on your current balance, regular deposits, interest rate, and compounding frequency. It provides a clear picture of how consistent saving and compound interest can steadily grow your wealth.

For a complete list of similar tools, visit the Savings Calculators Index. You can also check your investment returns using the CAGR Calculator or measure profitability with the ROI Calculator.

What Is a Savings Calculator?

A Savings Calculator is a financial tool that computes the future value of your savings account. It considers your initial deposit, recurring contributions, and interest earned over time. By entering just a few key inputs, you can project how much money you’ll accumulate after a specific number of years.

The formula behind the calculator is based on the Future Value of a Series equation:

Future Value (FV) = P × (1 + r/n)^(n×t) + PMT × [((1 + r/n)^(n×t) – 1) / (r/n)]

Where:

  • P = Starting Balance
  • PMT = Regular Deposit Amount
  • r = Annual Interest Rate (in decimal form)
  • n = Number of compounding periods per year
  • t = Total years

This formula shows how your money grows when compounded regularly — the core idea behind saving effectively.

Key Inputs Explained

1. Starting Balance
This is the amount you already have in your savings account. If you’re starting fresh, simply enter 0.

2. Deposit Amount
The fixed amount you plan to deposit at regular intervals, such as monthly or weekly. Consistent deposits significantly boost savings growth due to compounding.

3. Deposit Frequency
Choose how often you contribute — monthly, quarterly, or annually. More frequent deposits mean faster growth since interest compounds on a larger balance more often.

4. Deposit at Beginning or End
Specify whether deposits occur at the start or end of each period. Depositing at the beginning allows your money to earn interest for the entire period, slightly increasing your returns.

5. Time Period
Enter the duration — how many years you’ll continue saving. This determines the total number of compounding cycles.

6. Interest Rate (APY)
Also known as the Annual Percentage Yield, this rate defines how much your savings grow annually, including the effects of compounding.

7. Compounding Frequency
This defines how often interest is added to your balance. Common options include:

  • Annually = 1
  • Quarterly = 4
  • Monthly = 12
  • Daily = 365

Savings accounts typically compound daily, allowing your money to earn interest on both the principal and the accumulated interest.

How Compound Interest Accelerates Savings Growth

Compound interest means you earn interest on your previous interest. Over time, this creates exponential growth — the longer you save, the faster your balance grows.

For example, suppose you start with $1,000, deposit $200 monthly, and earn 5% annual interest compounded monthly for 10 years.

Using the formula:
FV = 1000 × (1 + 0.05/12)^(12×10) + 200 × [((1 + 0.05/12)^(12×10) – 1) / (0.05/12)]
FV ≈ $31,351

That’s over $31,000 from just $25,000 in deposits — the rest is interest earned through compounding.

To explore similar growth projections for investments, you can also use the Future Value Investment Account Calculator.

Using the Savings Calculator Effectively

To make the most of this tool:

  • Adjust deposit frequency to see how smaller, regular contributions outperform large, infrequent ones.
  • Experiment with different interest rates to compare high-yield vs. standard savings accounts.
  • Try different time periods to visualize long-term growth and the impact of consistency.

You can also plan specific goals — for instance, reaching a set target amount. For that purpose, try the Savings Goal Calculator, which works backward to show how much you must save each month to achieve your desired amount.

Why Use a Savings Calculator?

A Savings Calculator provides insight into your financial trajectory. It helps answer questions like:

  • How much will I have in 5, 10, or 20 years?
  • How much should I deposit monthly to reach my savings target?
  • What effect does compounding have on my balance over time?

With these insights, you can make smarter financial choices — whether that’s increasing deposits, switching to an account with better interest, or adjusting your savings plan to meet future goals.

Small, consistent savings combined with the power of compounding can lead to impressive results. The Savings Calculator gives you clarity and control over your savings growth, turning vague goals into measurable, achievable outcomes.

By regularly using this tool and exploring related ones like the Rule of 72 Calculator to estimate how long it takes for your money to double, you can stay informed and make your savings strategy more effective.

The key is not how much you save at once — it’s how consistently you save over time. Compound interest rewards patience more than anything else.