A savings calculator estimates how your money may grow over time based on your starting deposit, regular contributions, time period, and interest rate. It projects potential growth by applying interest calculations to your input.

Enter your starting deposit, choose how often you’ll contribute (weekly, bi-weekly, monthly, or yearly), add the amount you plan to contribute each time, select how long you plan to save, and enter an expected annual interest rate.

Savings growth is influenced by how much you deposit, how often you contribute, how long you save, the interest rate, and how interest is applied.

The calculator takes the annual interest rate entered and divides it to apply daily to the balance. At the end of each month, the accumulated interest is added to the balance. The following month’s interest calculation is then based on the new total, including the principal, any contributions made, and interest earned in prior months.

The results are estimates based on the information you enter and assumed interest rates. Actual savings may vary due to interest rate changes, fees, and the timing of deposits.

Simple interest is calculated only on your original deposit, resulting in steady, linear growth. Compound interest is calculated on both your deposits and previously earned interest, allowing savings to grow faster over time.

The best interest rate for you depends on what you’re saving for and which type of account you plan to use, as rates vary across different personal account categories. To choose the most applicable rate for you, review the category that matches your account and use that rate in the calculator for an estimate.