What is the savings calculator — balance, interest & growth?
In short
A savings account earning 4.5% with $1,000 initial and $200/month grows to $31,469 in 10 years — $9,469 is pure interest. Start early: the same plan over 20 years yields $77,615.
Projects how a savings account grows over time by compounding your interest monthly and adding regular contributions. Shows the split between money you deposited and interest the bank paid you.
How to use this calculator
- 1Enter your initial deposit (use 0 if starting from scratch).
- 2Set your monthly contribution — the amount you'll add each month.
- 3Enter the annual interest rate from your savings account or investment.
- 4Set the number of years to save and review the year-by-year breakdown.
The formula
- r
- — Annual interest rate (decimal)
- t
- — Number of years
- Monthly
- — Monthly contribution amount
Worked example
The scenario
Starting with $1,000, saving $200/month at 4.5% for 10 years.
The result
Total contributions = $25,000, interest earned = $6,469, final balance = $31,469.
Common use cases
- Building an emergency fund
- Saving for a vacation or car
- Tracking a high-yield savings account
- Teaching kids about compound interest
Limitations & assumptions
- Assumes a constant interest rate throughout the period.
- Does not account for inflation, taxes on interest, or account fees.
- Monthly contributions are assumed to be made at the end of each month.
Frequently asked questions
How much interest does a savings account earn?
How does compound interest work in a savings account?
Is 4.5% a good savings rate?
How much should I save each month?
What is APY vs APR in a savings account?
Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.