Savings Calculator
Project your savings account growth over time with regular deposits. See how much you will have saved at any interest rate and contribution level.
Frequently Asked Questions
How much should I keep in a savings account?
Financial advisors recommend keeping 3–6 months of living expenses in an easily accessible savings account as an emergency fund. Beyond the emergency fund, consider high-yield savings accounts or money market funds for short-term goals (1–5 years). For longer horizons, invest in diversified index funds for better returns.
What is a good interest rate for a savings account?
Traditional brick-and-mortar banks offer 0.01–0.10% APY on savings accounts. High-yield savings accounts (HYSAs) at online banks typically offer 4–5% APY as of 2024–2025, significantly outperforming traditional accounts. Always compare APY (annual percentage yield), which accounts for compounding, rather than the simple interest rate.
How long does it take to save $10,000?
The time to save $10,000 depends entirely on your monthly contribution and interest rate. Saving $500/month at 4.5% APY takes about 18.5 months to reach $10,000. At $300/month, it takes about 31 months. Our calculator lets you model any combination of initial deposit, monthly contributions, rate, and timeframe to hit any savings goal.