Savings Interest Calculator

Separate the deposits you make from the interest your savings might earn. Use a nominal annual rate and monthly compounding for this scenario.

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

The model compounds the balance monthly at nominal annual rate / 12, then adds that month’s contribution. Interest is the ending balance minus the starting deposit and all monthly deposits.

Worked example

A 1,000 balance at a nominal 12% annual rate with no deposits earns about 126.83 over 12 months under monthly compounding.

Assumptions and limits

Do not enter an effective APY as a nominal rate; use the CD calculator for an APY-based single deposit estimate. Actual account rates, compounding, tax and fees can differ.

How to choose your inputs

Use the opening balance and monthly deposits for one savings scenario. Ask whether your account quotes a nominal rate or APY before copying it into the nominal-rate field; the calculator compounds monthly and does not convert an advertised APY. For a single deposit with an APY, the CD calculator provides the matching rate convention.

How to interpret your result

Interest earned is the amount left after subtracting your own deposits from the ending balance. A larger ending balance can come mainly from larger contributions rather than a better account yield. To compare rate assumptions, hold the opening balance, deposit schedule and horizon constant, then compare growth rather than just the final total.

Primary references

CFPB: Annual percentage yield calculation

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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