Savings Calculator
Plan your savings goals and see how long it takes to reach them. Calculate the impact of regular deposits and interest on your savings growth.
Savings Plan
Time to Goal
3y 6mo
July 2029
Interest Earned
$2,124
$2,000 of $25,000
Your Savings Goal
Set your target amount
Current Savings
What you have saved so far
Monthly Deposit
How much you will save each month
Interest Rate
Annual percentage yield (APY)
Current high-yield savings accounts offer 4-5% APY. Traditional banks offer 0.01-0.5%.
Savings Growth
How your money will grow over time
Savings Breakdown
Impact of Monthly Deposits
| Monthly Deposit | Time to Goal | Interest Earned | Total Deposited |
|---|---|---|---|
| $200/mo | 7y 9mo | $4,522 | $20,600 |
| $400/mo | 4y 4mo | $2,635 | $22,800 |
| $600/mo | 3 years | $1,855 | $23,600 |
| $800/mo | 2y 4mo | $1,481 | $24,400 |
| $1,000/mo | 1y 10mo | $1,146 | $24,000 |
Savings Milestones
What if I saved more each month?
See how increasing your monthly savings accelerates your goal
Personalized Insights
2 insights based on your inputs
Competitive Rate
Your 4.5% APY is in line with top high-yield savings accounts. Great choice!
Automate Your Savings
Set up automatic transfers on payday. "Pay yourself first" makes saving effortless and consistent.
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Quick Answer
A savings calculator shows how your money grows over time with interest and regular contributions. Enter your starting amount, monthly contribution, interest rate, and time period at practicalwebtools.com to see your future savings balance. High-yield savings accounts currently offer 4-5% APY, making regular saving more rewarding than ever.
Key Facts
- High-yield savings accounts offer 4-5% APY in 2025
- Compound interest grows savings faster than simple interest
- Emergency fund goal: 3-6 months of expenses
- 200/month at 5% for 5 years = 13,600+ (vs $12,000 without interest)
- Automatic transfers make consistent saving easier
- Savings account interest is taxable income
- FDIC insures up to $250,000 per depositor per bank
Frequently Asked Questions
A common guideline is the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings. However, your ideal savings rate depends on your goals, income, and expenses. For retirement, experts recommend saving 10-15% of your income.
A high-yield savings account (HYSA) offers significantly higher interest rates than traditional savings accounts - often 10-20x more. As of 2024, top HYSAs offer 4-5% APY compared to 0.01-0.5% for traditional accounts. They are FDIC insured and ideal for emergency funds.
Compound interest earns interest on your interest, accelerating growth. Over time, even small interest rates make a significant difference. $10,000 at 5% for 20 years grows to $26,533 with compounding vs $20,000 with simple interest.
Generally, if your debt interest rate exceeds potential savings returns, prioritize debt. However, always maintain a small emergency fund ($1,000) first. For low-interest debt (under 4%), you might save while making minimum payments.
Priority order: 1) Emergency fund (3-6 months expenses), 2) Employer 401k match (free money), 3) High-interest debt payoff, 4) IRA/Roth IRA, 5) Additional retirement savings, 6) Other goals (house, car, vacation).
Savings Plan
Time to Goal
3y 6mo
July 2029
Interest Earned
$2,124
$2,000 of $25,000