Savings Calculator

APY (annual percentage yield) is the effective yearly return after compounding is factored in, while the nominal interest rate ignores compounding. Because APY already bakes in compounding, you enter it directly here with no frequency to pick. Banks advertise APY precisely so you can compare accounts on equal footing.

Online high-yield savings accounts (HYSAs) have recently paid around 4-5% APY, versus roughly 0.05% at large traditional banks. On a $20,000 balance that is the difference between about $10 and $1,000 of interest in a year. Rates are variable and move with the Federal Reserve, so the APY you see today can change.

Yes — interest from a regular savings account is generally taxed as ordinary income in the year you earn it, and your bank issues a 1099-INT for amounts of $10 or more. This calculator shows pre-tax growth and is an estimate, not tax advice; consult a tax professional for your situation.

Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per insured bank, per ownership category (credit unions carry equivalent NCUA coverage). If you expect to exceed that limit, spread balances across institutions or ownership categories to keep everything insured.

Savings accounts are ideal for an emergency fund and short-term goals because the balance does not fluctuate. For goals more than five years out, investing typically earns more but carries market risk. A common approach is to keep 3-6 months of expenses in savings and invest the rest.

Just type your numbers. The answer shows up right away — there is no button to press. Change anything and it updates by itself.

No. The tool is completely free, there is no account to create, and it keeps working offline after the page first loads.

No. The tool works entirely on your device, so the values you enter never leave your browser.