Money calculators · Updated September 3, 2026
Savings Calculator
Watch a starting balance and regular deposits compound into a real number, and see how much of the final balance is your money versus interest.
| Year | Deposits | Interest | Balance |
|---|---|---|---|
| 1 | $3,600 | $270 | $8,870 |
| 2 | $3,600 | $428 | $12,899 |
| 3 | $3,600 | $592 | $17,091 |
| 4 | $3,600 | $763 | $21,454 |
| 5 | $3,600 | $941 | $25,995 |
| 6 | $3,600 | $1,126 | $30,720 |
| 7 | $3,600 | $1,318 | $35,639 |
| 8 | $3,600 | $1,519 | $40,758 |
| 9 | $3,600 | $1,727 | $46,085 |
| 10 | $3,600 | $1,944 | $51,629 |
How the savings calculator works
monthly rate = (1 + annual rate ÷ n)^(n ÷ 12) − 1 n = compounding periods per year each month = balance × (1 + monthly rate) + deposits that month interest earned = final balance − starting balance − total deposits
Simulating month by month means weekly, bi-weekly and quarterly deposits are handled exactly instead of being averaged, and the yearly table reflects what a statement would show. Interest is credited before the month's deposit, which is the usual bank convention.
Frequently asked questions
How does compound interest work on savings?
Interest is added to the balance on each compounding date, and from then on it earns interest too. Monthly compounding at 4% on $10,000 pays $407 in the first year; by year ten the balance is about $14,908 with no further deposits.
How much will I have if I save $300 a month?
At 4% compounded monthly, $300 a month grows to about $44,000 in ten years and roughly $110,000 in twenty, of which about $38,000 is interest. Enter your own numbers above to see the yearly schedule.
What is the savings interest formula?
For a lump sum: FV = P(1 + r/n)^(nt). For regular deposits the calculator simulates month by month, crediting interest at the monthly-equivalent rate and adding the deposit, which handles any deposit frequency exactly.
Is savings interest taxed?
Yes, as ordinary income in the year it is paid; banks issue Form 1099-INT above $10. High-yield savings accounts at FDIC-insured banks are covered up to $250,000 per depositor.
Does the calculator account for inflation?
No. Results are nominal dollars. To think in today's money, subtract expected inflation (about 2 to 3%) from the rate you enter.
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Sources and updates
Figures are for tax year 2026 and were checked against the sources below on . Rates change every January; we review every data file at the start of each year and whenever a state announces a mid-year change.
- Investor.gov (SEC), compound interest calculator and formula
- FDIC, Deposit insurance coverage
- IRS Topic 403, Interest received
This calculator gives estimates for information only and is not tax, legal or financial advice. Your employer's payroll system, local taxes, benefits and year-to-date wages can change the exact amounts on your pay stub. See how we calculate.