Estimate the future value of your savings account. Account for initial deposit, annual & monthly contributions, compounding frequency, tax rate, and contribution increases — all in real time.
| Year | Deposit | Interest | Tax | Ending Balance |
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* This calculator assumes contributions are made at the end of each period.
A savings calculator is a financial planning tool that estimates how much money you will accumulate in a savings account over time. It takes into account your starting balance, the amount you add regularly, the interest rate your bank pays, how often that interest is compounded, and any taxes you owe on the interest earned. By modeling all of these variables together, the calculator gives you a realistic picture of what your money will look like in the future.
Whether you are saving for an emergency fund, a down payment on a house, a new car, a wedding, a child's education, or simply building long-term wealth, understanding how compound interest works — and how your contributions grow over time — is one of the most powerful financial skills you can develop. This tool is designed to make that process simple, transparent, and instant.
Compound interest is the engine behind savings growth. The basic formula for a lump sum (no additional contributions) is:
Where:
When you add periodic contributions, the formula becomes a sum of multiple future-value calculations — one for each deposit. That is why this calculator uses an iterative month-by-month simulation rather than a single equation. This approach lets it accurately handle annual contribution increases, monthly contribution increases, taxes, and different compounding frequencies all at once.
The frequency with which interest is compounded has a direct impact on your final balance. Here's how the same 5% annual rate behaves under different compounding schedules over one year, on a $10,000 deposit:
The differences look small over one year, but over decades they compound significantly. This is why the calculator lets you choose the exact compounding method your account uses.
In many countries, interest earned in a savings account is treated as taxable income. If your marginal tax rate is 22%, for example, you effectively keep only 78 cents of every dollar of interest. Over a long savings horizon, taxes can dramatically reduce your end balance.
This calculator applies your tax rate to the interest earned each year and subtracts it from the balance, so you can see the true, after-tax result. If your savings account is tax-advantaged (such as an ISA in the UK, a TFSA in Canada, or a municipal bond fund), simply enter 0 as the tax rate.
Inflation erodes the purchasing power of money over time. If your savings grow at 3% per year but inflation runs at 4%, you are actually losing ground in real terms. Enter an inflation rate to see the real value of your future balance — what it would buy in today's dollars.
A traditional savings account is one of the safest places to store money. In the United States, deposits are typically insured by the FDIC up to $250,000 per depositor, per institution. Similar protections exist in most countries (FSCS in the UK, CDIC in Canada, etc.). However, savings accounts usually offer relatively low interest rates compared to other investment vehicles.
Common alternatives include:
A common strategy is to keep 3–6 months of living expenses in a liquid savings account as an emergency fund, and invest the rest for long-term growth.
Suppose you start with $20,000, contribute $5,000 per year (increasing 3% annually), earn 3% interest compounded annually, and save for 10 years. The table below shows how the balance grows:
Notice how the interest portion grows dramatically in later years — that is compound interest at work. In year 1, you earn only $600 in interest; by year 10, you earn nearly $2,500 in interest alone.
Yes, completely free. No sign-up, no hidden fees, no limits. All calculations run directly in your browser, so your financial data never leaves your device.
Yes. Just ignore the "$" sign and enter values in your own currency. The math is the same regardless of currency.
Use whichever matches your actual saving behavior. If you get a yearly bonus and deposit it, use annual. If you save a fixed amount each month, use monthly. You can even use both at once if you do both.
The calculator uses precise iterative month-by-month math and supports all standard compounding methods, so it's very accurate for projections. Real-world results may differ slightly due to bank policies (e.g., daily balance vs. average daily balance methods) or changes in interest rates over time.
Continuous compounding is a theoretical limit where interest is compounded infinitely often. It uses the formula A = Pe^(rt). It represents the absolute maximum compounding effect and is used mostly in higher mathematics and some advanced financial instruments. For practical savings accounts, it's essentially the same as daily compounding.
Yes. Entering a negative starting balance or negative contribution effectively simulates withdrawals or debt payoff. This is useful for modeling scenarios where you are drawing down savings.
No — it assumes a constant interest rate throughout the savings period. If you expect rates to change significantly, run multiple calculations with different rate assumptions, or divide the period into segments.
No. This savings calculator is 100% client-side. All math runs in your browser using JavaScript. Nothing is uploaded, logged, or stored on any server.