Savings Account Interest Calculator
Calculate how much your savings will grow over time with compound interest. Enter your initial deposit, monthly contribution, annual interest rate, and savings period to see the future balance.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Savings Account Interest Calculator
This calculator estimates the future value of a savings account with regular monthly contributions and compound interest. Follow these steps:
- Enter Initial Deposit ($): The starting balance in your account. Must be a non-negative number (e.g., 1000).
- Enter Monthly Contribution ($): The amount you add each month. Must be a non-negative number (e.g., 100).
- Enter Annual Interest Rate (%): The yearly interest rate as a percentage (e.g., 5 for 5%). Must be non-negative.
- Enter Time Period (Years): How long you plan to save. Must be at least 1 year (e.g., 10).
- Select Compounding Frequency: How often interest is applied—Monthly, Quarterly, Semi-Annually, or Annually.
- Click "Calculate": The results show:
- Future Value: Total account balance at the end of the period.
- Total Contributions: Sum of your initial deposit plus all monthly contributions.
- Total Interest Earned: The interest earned on your savings.
All monetary values are in US dollars ($). Ensure inputs are numbers; errors will appear in red.
Previous Results
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Frequently Asked Questions
Compound interest is calculated on the initial principal and also on the accumulated interest from previous periods. The formula used is Future Value = P(1 + r/n)^(nt) + PMT * [((1 + r/n)^(nt) - 1) / (r/n)], where P is initial deposit, PMT is monthly contribution, r is annual rate, n is compounding frequency, and t is years.
Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal plus any interest already earned, leading to exponential growth over time.
Yes, you can select monthly, quarterly, semi-annually, or annually compounding. The calculator adjusts the formula accordingly.
