Ever wonder what your money could look like a few years from now if you just let it sit (or added a little extra each month)? This savings calculator shows you.
Enter your current balance, interest rate, and how much you plan to save each month. In seconds, you’ll see how your balance could grow over time, and how much of that growth comes from interest doing the work for you.
Table of Contents
How to use this savings calculator
Not sure what to plug in? Here’s how each field works and what it means for your savings goals.
Inputs: What to enter
- Starting balance: The amount of money you have in savings right now, whether that’s $0, $50, or $10,000.
- Years to grow: How long you plan to leave your money in the account. The longer it sits, the more time interest has to multiply.
- Annual interest rate: The percentage your bank pays you for keeping money in the account. You can find this number (often called APY) on your bank’s website or app.
- Monthly contribution: How much you plan to add to your savings account each month.
- Compounding frequency: How often your savings account accrues interest, usually daily, monthly, or quarterly. You can find this info by searching for the word “compound” in your savings account agreement.
Check out our compound interest calculator.
Although current interest rates are around 3.5% to 4%, I prefer not to assume these levels will persist long-term.
For cash account growth projections, I typically use a more conservative rate of 1.5% to 2% to reflect potential fluctuations over time. For short-term projections (generally three years or less), I may use a higher rate, around 3% to 3.5%, to better align with current market conditions.
Results: What you’ll see
- Total projected balance: Your future balance, including your starting money, monthly deposits, and all the interest you’ll earn.
- Future value of starting balance: How much your current savings will grow on its own, without adding anything extra.
- Future value of contributions: How much your monthly deposits will grow over time if you started from $0.
- Total principal contributed: The total amount of your own money you’ve put in before interest.
- Total interest earned: The extra money your savings generated just by sitting in the account and compounding.
Example: How your savings can grow over time
Let’s say you open a savings account with $5,000 and set up an automatic transfer of $100 a month. You pick an account that earns 4% interest, compounded monthly, and let it sit for five years.
At the end of that time, you’d have about $12,757 saved, and roughly $1,757 of that is pure interest. That’s money your money earned while you did nothing.
Now, here’s where it gets interesting
If you kept the same setup—$5,000 starting balance, $100 a month—but used a regular savings account at 0.10%, you’d end up with about $11,040. That’s a difference of more than $1,700 just from choosing a better interest rate.
So when people say high-yield savings accounts “do the heavy lifting,” this is what they mean.
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/3/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.90% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 09/03/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
- Earn up to 4.00 APY8
- Limited Time Offer: +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸
- $0 minimum balance to earn APY
- Earn $50 or $400 when you sign up and set up eligible direct deposit1
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 06/24/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
- Earn 3.65% APY* with Barclays1 Tiered Savings
- $0 min. balance to earn APY
- No monthly maintenance fees
- Easy direct deposits & online transfers
- Deposits are FDIC Insured
Advertised annual percentage yield (APY) is for new accounts only and is accurate as of June 16, 2026. APY tiers apply to the following balances:
- 4.01% APY on balances of $0.01 – $999.99
- 4.01% APY on balances of $1,000.00 – $49,999.99
- 4.01% APY on balances of $50,000.00 – $499,999.99
- 3.14% APY on balances of $500,000.00 – $999,999.99
- 3.14% APY on balances of $1,000,000.00 & Above
This is a variable-rate account, and APY is subject to change at any time without notice. Limit of one Envision High Yield Savings account per customer. Minimum amount to open is $100, with opening funds subject to a 5-business day hold. Fees may reduce earnings on account.
- Earn up to 4.01% APY
- No monthly maintenance fees
- Open an account with as little as $100
- Open an account in as little as 5 minutes
- Backed by the financial strength of Idaho First Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page.. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- Earn 4.10% APY* with CIT’s Savings Connect Account
- $100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
When to use a savings calculator
We personally think using a savings account calculator can be most helpful in the following situations.
When comparing savings accounts
If you’re deciding between a regular and a high-yield account, for example, this savings calculator can help you visualize just how much different interest rates can affect your future balance.
Wanna give it a try? Plug in any rates from our best savings accounts list compared with what you earn in your current savings account to see how much difference it can make.
If clients need access to liquid funds (cash equivalents) within the next 0 to 24 months, I typically recommend moving those funds from their investment account to a high-yield savings account (HYSA).
If we know the exact time frame, and current rates are attractive, a Certificate of Deposit (CD) may be a better fit. Most importantly, when we’re building an emergency savings fund, that money should always be held in a HYSA to ensure safety, liquidity, and steady interest growth.
When setting short-term goals
Planning a vacation, a new car, or a home down payment? Plug in your goal amount and timeline to see how much you’ll need to save each month to hit your target.
One of the most powerful motivators I use with clients, and one that inspires me as well, is understanding the “why” behind each life and financial goal.
When clients begin to waver or consider pausing their savings, we revisit the deeper reason they set that goal in the first place. This reflection helps us either realign their savings strategy or confidently continue with the original plan.
When growing your emergency fund
Even if your goal is simply to build a three- or six-month safety net, a savings calculator helps you visualize progress and stay motivated.
When you want to see compound interest in action
It’s one thing to know your money earns interest. It’s another to see how that interest earns its own interest over time. Seeing these numbers IRL can be exciting.
FAQ
What’s a good interest rate for a savings account?
At the moment (in late October 2025), the best savings accounts earn around 3.50% or higher. For context, many traditional savings accounts earn a fraction of this amount, around 0.40% on average.
How often is interest compounded?
Many savings accounts compound interest daily, but you’ll want to double-check your account agreement to confirm what to input into this savings calculator. The rule of thumb is that the more your interest compounds, the faster your balance grows. So daily compounding is best, while yearly compounding would be the worst.
Does the calculator include taxes or fees?
No. This calculator does not include taxes or maintenance fees. If fees get taken out or you plan to withdraw any of your balance early, your actual earnings may end up slightly lower than the estimate. Additionally, the interest earned is taxable as ordinary income at the federal level and at the state level (if your state of domicile assesses income tax).
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Written by Cassidy Horton, MBACassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than 1,000 times online.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.
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Reviewed by Erin Kinkade, CFP®Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.