1
Set Your Starting Point
Enter your initial deposit amount and planned monthly contributions to see how regular saving accelerates growth.
Savings Calculator
Calculate compound interest and investment growth
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Growth over 0 years
Final Balance$0.00
Total Contributions$0.00
Interest Earned$0.00
User Guide: Plan Your Savings Growth
2
Choose Your Rate
Input the expected annual interest rate based on your savings account or investment type.
3
See Your Future Balance
View the projected final balance, total contributions, and interest earned with a yearly breakdown.
Frequently Asked Questions
Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. It's often called 'interest on interest' and is the key to building wealth over time. The longer your money compounds, the faster it grows exponentially. This is why starting to save early is so powerful.
More frequent compounding leads to higher returns. Daily compounding yields slightly more than monthly, which yields more than annual. However, the differences become smaller as frequency increases. Most savings accounts compound daily or monthly. Our calculator uses monthly compounding for realistic estimates.
Interest rates vary by account type. High-yield savings accounts offer 4-5% APY (as of 2024). CDs may offer slightly higher rates for locked terms. Stock market investments historically average 7-10% annually but with more volatility. Choose a rate that matches your investment vehicle for accurate projections.
The Power of Compound Interest
Albert Einstein reportedly called compound interest "the eighth wonder of the world." Our savings calculator demonstrates this power by showing how your money grows exponentially over time when interest compounds on itself.
Whether you're saving for retirement, a home down payment, or an emergency fund, understanding compound growth helps you set realistic goals and stay motivated. Start early, contribute regularly, and let time do the heavy lifting.