Savings & Banking
Savings Calculator
See exactly where steady saving takes you. Enter your current balance, monthly deposit, and your account's APY to project the balance month by month — how much you'll have put in, how much the bank pays you, and what the total reaches in one, five, or twenty years.
High-yield savings accounts have recently paid ~4–5%; the big-bank average is far lower.
Balance at the end
$26,239
- Total deposits (incl. starting balance)
- $23,000
- Interest earned
- $3,239
Growth by year
| Year | Balance | Deposits | Interest |
|---|---|---|---|
| 1 | $8,891 | $8,600 | $291 |
| 2 | $12,953 | $12,200 | $753 |
| 3 | $17,193 | $15,800 | $1,393 |
| 4 | $21,619 | $19,400 | $2,219 |
| 5 | $26,239 | $23,000 | $3,239 |
How this calculator works
Interest is credited monthly at APY ÷ 12 on the running balance, with deposits added at month-end, all in exact cents. This mirrors how banks credit interest closely enough that results match statements within pennies.
Rates float — banks change APYs with the Fed. Treat multi-year projections as scenarios at today's rate, not promises.
Try an example
Frequently asked questions
What's the difference between APY and interest rate?
APY (annual percentage yield) includes the effect of compounding — it's what you actually earn over a year. A 4.4% rate compounded monthly yields about 4.49% APY. Banks advertise APY precisely so you can compare accounts directly; that's the number to enter here.
How often do savings accounts pay interest?
Most compound daily and credit monthly. This calculator compounds monthly, which matches credited results within pennies. The habit that dominates the outcome isn't the compounding frequency — it's the monthly deposit.
Are high-yield savings accounts safe?
Yes, when FDIC-insured (or NCUA for credit unions): deposits are federally protected up to $250,000 per depositor, per bank, per ownership category. Online banks pay 8–10× the big-bank average because they skip branch costs, not because they take more risk with your money.
Savings account or investing — which should this money be in?
Money you might need within ~3–5 years (emergency fund, house down payment) belongs in savings: guaranteed, insured, instantly available. Longer-horizon money can accept market risk for higher expected returns. Many people run both — this calculator handles the safe layer.
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Disclaimer: DayCents provides this calculator for educational purposes only. Results are estimates based on your inputs and the stated assumptions — they are not financial advice, a quote, or an offer of credit. Consult a qualified financial professional before making major money decisions.