Savings Calculator
Project your savings balance over time with regular contributions and compound interest. Useful for planning short-term goals, emergency funds or down payment targets.
How to use the Savings Calculator
- Enter your inputs into the Savings Calculator above.
- Results update instantly as you type — no submit button needed.
- Adjust any value to see how the result changes in real time.
The savings projection formula
FV = PV(1 + r)^n + PMT · [((1 + r)^n − 1) / r]
PV is the starting balance, r is the periodic interest rate, n is the number of periods and PMT is the regular contribution. For monthly contributions, divide annual rate by 12 and use months for n.
Worked example
Starting with $2,000, adding $300/month at 4.5% APY compounded monthly for 5 years: FV = 2,000×(1.00375)^60 + 300×[((1.00375)^60 − 1)/0.00375] ≈ $22,650. Total contributed: $20,000. Interest earned: $2,650.
Frequently asked questions
What savings rate is realistic in 2026?
High-yield savings accounts from established online banks pay 4.0–4.5% APY in early 2026. The FDIC national average for traditional savings accounts is around 0.38%.
How should I size my emergency fund?
Most planners suggest 3–6 months of essential expenses. Households with variable income, single earners or older children at home often target 6+ months.
Is a CD better than a savings account?
CDs typically pay slightly more for locking the money up. If you have a clear time horizon (6, 12 or 24 months) and won't need access, a CD can be a good fit.