Savings Calculator
This calculator estimates how an initial deposit and optional regular contributions can grow over time at a fixed interest rate and compounding schedule.
How to Use the Calculator
- Enter the amount you have already saved in Initial Deposit.
- Enter the nominal annual rate in Interest Rate (%), then select the Compound Frequency.
- Set the Savings Period in years and months.
- Enter an optional Additional Contribution and choose how often it will be deposited. Enter zero if you do not plan to make regular deposits.
- Choose whether each contribution is made at the Beginning of Period or End of Period.
- Select Calculate to review the ending balance, deposits, estimated interest, growth chart, and annual schedule.
Interest Rate and APY
The Interest Rate (%) in this calculator is a nominal annual rate that does not include the effect of compounding. The calculator divides it by the selected number of compounding periods per year. For example, an annual rate of 3% compounded monthly gives a monthly rate of 0.25%.
If your bank provides an Annual Percentage Yield (APY), or an Annual Equivalent Rate (AER) in the UK, it represents the effective return for a full year and already includes compounding. Convert it to a nominal annual rate using the account's actual compounding frequency: r = n × ((1 + APY)^(1/n) − 1). For example, a 3% APY with monthly compounding is equal to a nominal annual rate of about 2.9595%. If you enter 3% and also select Monthly, the effect of compounding will be counted twice.
For formal definitions, see the CFPB definition of interest rate and APY and MoneyHelper guidance on AER.
The calculator assumes the entered interest rate remains constant. Actual savings-account rates are often variable, so your final balance may differ.
Frequently Asked Questions
How do I calculate a one-time deposit or a regular savings plan?
For a one-time deposit, enter the amount in Initial Deposit and set Additional Contribution to zero. To calculate a regular savings plan from zero, set Initial Deposit to zero and enter how much you plan to add each period. You can also use both fields to estimate how an existing savings balance may grow with ongoing deposits.
How does contribution timing affect the result?
A deposit made at the beginning of a period starts earning interest sooner than one made at the end. As a result, Beginning of Period usually gives a slightly higher ending balance. The difference grows when deposits are larger, the interest rate is higher, or the savings period is longer.
How is this different from the Compound Interest Calculator?
The Compound Interest Calculator models compound growth and optional regular contributions. The Savings Calculator is designed for a savings account or savings plan with an initial deposit, regular deposits, deposit frequency, and contribution timing. Use it when you want to estimate your ending savings balance.