Savings Account Calculator
Calculate the future value of your savings with compound interest. Plan your financial goals with a clear breakdown of interest earned and total balance.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate the future value of your savings account:
- Enter Initial Deposit – The starting amount in dollars (e.g., 1000). Must be non-negative.
- Enter Monthly Contribution – How much you add each month (e.g., 100). Must be non-negative.
- Enter Annual Interest Rate – The yearly rate as a percentage (e.g., 5 for 5%). Must be non-negative.
- Enter Number of Years – The total savings period (e.g., 10). Must be a positive integer.
- Select Compounding Frequency – How often interest is applied: Monthly, Quarterly, Semi-Annually, or Annually.
- Click "Calculate" – The results will show:
- Future Balance – Total amount after all years.
- Total Contributions – Sum of initial deposit plus all monthly payments.
- Total Interest Earned – Growth from interest alone.
Note: All monetary values are in US dollars ($). If you see an error, check that all inputs are valid numbers and meet the requirements above.
Previous Results
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Frequently Asked Questions
Compound interest is interest calculated on the initial principal and also on the accumulated interest from previous periods. It allows your savings to grow faster over time.
More frequent compounding (e.g., monthly vs. annually) results in higher returns because interest is added to the principal more often, leading to interest on interest.
You need the initial deposit, monthly contribution, annual interest rate, number of years, and compounding frequency (e.g., monthly, quarterly, semi-annually, or annually).
