High yield savings account calculator
See how much you could save over a term in years and extra months, starting with your deposit and an optional monthly contribution. Enter an APY to see your ending balance and total contributions, with interest earned shown separately. The result holds the APY you type in steady for the whole term.
Result
- Ending balance
- $11,621.84
- Total contributions
- $11,200.00
- Interest earned
- $421.84
Year by year
| Month | Contributions | Interest | Balance |
|---|---|---|---|
| 12 | $11,200.00 | $421.84 | $11,621.84 |
How it works
Your balance grows each month by the monthly equivalent of the APY you enter, and your monthly contribution is added after that growth, including in the final month. Interest earned is your ending balance minus your initial deposit and all monthly contributions. The inputs take APY, which already includes compounding, so the result does not depend on compounding frequency. Changing the compounding dropdown won't change the result. The calculator holds your APY constant for the term you enter.
Frequently asked questions
What's the difference between APY and interest rate?
APY reflects the total interest paid over a 365-day period, including the effect of compounding. The interest rate is the annual rate paid on your account without reflecting compounding. Enter the APY in the calculator.
Is high-yield savings interest taxable?
The IRS lists bank account interest as taxable interest. If you receive $10 or more in interest payments, you should receive Form 1099-INT or Form 1099-OID. You must report your interest on your federal income tax return even if no form arrives.
How much does FDIC insurance cover?
FDIC insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category. Savings deposits in the same category at the same bank are added together for coverage. Confirm that your bank is FDIC-insured.
What if my savings account is at a credit union?
At a federally insured credit union, the NCUA administers the Share Insurance Fund, which covers share savings accounts. Single ownership accounts with no beneficiaries are insured up to $250,000 per member-owner. Confirm federal insurance, since some state-chartered credit unions use private insurers.
Can my high-yield savings APY change?
Many high-yield savings accounts are variable-rate accounts, so the interest rate and APY may change after you open the account. The calculator holds the APY you enter constant for the whole term.
Does the compounding dropdown change my result?
No. The calculator takes APY, which already includes compounding. It uses the same monthly growth factor regardless of the compounding frequency you select.