Savings Calculator
Growth, Interest and Time to Your Goal
See how your savings grow with monthly deposits and interest, how long it takes to hit a goal, and how much you'd need to save each month to get there sooner.
Read the full answer — method, rates and figures
Quick answer: Saving $200 a month on top of $1,000 at an example 4% APY grows to about $14,452 in 5 years: $13,000 you put in plus $1,452 of interest. To reach $20,000 in 5 years from the same start you'd need about $284 a month.
APY already includes compounding, so the monthly rate is (1 + APY)^(1/12) − 1. Savings interest is taxed as ordinary income each year it's paid; add your tax rate to see the after-tax result.
Rates change — enter the APY your bank actually pays.
How much will I have if I save $200 a month?
With $1,000 to start at 4% APY: about $14,452 after 5 years.
Balance in 5 yr
$14,452
Interest earned
$1,452
Time to goal
6 yr 10 mo
Monthly for goal in 5 yr
$284
You'd deposit $13,000 and earn $1,452 of interest, for $14,452 after 5 years. At $200 a month you reach $20,000 in 6 yr 10 mo; to get there in 5 years, save $284 a month.
Save your savings projection
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Balance in 5 yr
$14,452
Interest earned
$1,452
Time to goal
6 yr 10 mo
Monthly for goal in 5 yr
$284
High-yield savings calculator: what a better APY is worth
The FDIC's national savings rate was 0.38% as of October 19, 2026. Starting with $25,000 and adding $500 a month, this is what each rate grows to. The other APYs are examples, not offers, and account rates can change at any time.
| APY | In 5 years | In 10 years | Interest over 10 years |
|---|---|---|---|
| 0.38% (FDIC national rate) | $55,760 | $87,109 | $2,109 |
| 2% | $59,111 | $96,773 | $11,773 |
| 3% | $61,272 | $103,322 | $18,322 |
| 4% | $63,506 | $110,354 | $25,354 |
| 5% | $65,814 | $117,904 | $32,904 |
Source: FDIC national rates and rate caps. Before tax on interest.
Savings goal calculator: the monthly deposit for common goals
Starting from nothing at an example 4% APY, before tax. Enter your own goal, balance and rate in the calculator above for your exact figure.
| Goal | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| $10,000 | $818/mo | $262/mo | $151/mo | $68/mo |
| $25,000 | $2,046/mo | $655/mo | $378/mo | $170/mo |
| $50,000 | $4,092/mo | $1,311/mo | $756/mo | $341/mo |
| $100,000 | $8,184/mo | $2,622/mo | $1,511/mo | $682/mo |
Saving for retirement at 40, 50 or 60: what a savings account can do
A savings account suits money you need soon. For retirement, it depends on how many years you have left. This is $1,000 a month until 67, at an example 4% APY with interest taxed at 22%, against an example 6% return in a tax-deferred account such as a 401(k) or traditional IRA.
| Start at | You deposit | 4% APY, after tax | 6%, tax deferred |
|---|---|---|---|
| 40 | $324,000 | $504,080 | $785,271 |
| 45 | $264,000 | $376,752 | $534,876 |
| 50 | $204,000 | $267,556 | $347,767 |
| 55 | $144,000 | $173,908 | $207,948 |
| 60 | $84,000 | $93,597 | $103,467 |
The 6% is an assumption, not a forecast: investments can lose value, withdrawals from a tax-deferred account are taxed later, and neither column allows for inflation or employer matching. See how much you need to retire for your target, run the full plan in the retirement calculator, or compare your balance with average retirement savings by age. If you are 50 or older, the 401(k) limits also allow catch-up contributions.
Building a safety net first? Size it with the emergency fund calculator. Locking money away for a set time? Compare a CD or I bonds, and see long-term growth in the compound interest calculator. Putting money aside for a child? The Trump Account calculator shows what monthly contributions grow to by age 18. Wondering how your balance compares? See average savings by age from the Fed's latest survey.
Last reviewed 5 November 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
This is the textbook answer. Want to see this calculated against your actual accounts?
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Get Richify — 7-day free trialHow it works
Deposits are added at the end of each month. The APY is converted to its equivalent monthly rate, (1 + APY)^(1/12) − 1, because APY already includes compounding. With a tax rate entered, interest is reduced by that rate each year (a simplification — interest is taxed when credited). The goal tools solve for the months needed at your deposit, and for the level monthly deposit that reaches the goal in your time frame. No bank rates are built in; the 4% default is only an example.
How to use this calculator
- Enter what you have now and what you'll add each month.
- Enter the APY your account pays and how long you'll save.
- Optionally add a goal and your tax rate.
- Read your future balance, interest earned, and the time or monthly deposit needed for your goal.
❓ Frequently Asked Questions
How much will my savings grow?
Balance after each month = last balance × (1 + monthly rate) + deposit. At an example 4% APY, $200 a month plus $1,000 to start reaches $14,452 in 5 years.
$13,000 of that is your own deposits and $1,452 is interest — interest matters more the longer you save and the more you start with.
What is APY vs interest rate?
APY (annual percentage yield) includes the effect of compounding, so a 4.00% APY paid monthly is a slightly lower stated interest rate compounded 12 times. Banks must quote APY on savings accounts, which makes accounts comparable.
How much do I need to save each month to reach a goal?
Enter the goal and the time frame: the calculator solves for the level monthly deposit. For $20,000 in 5 years with $1,000 to start at 4% APY, it's about $284 a month.
Is interest on savings taxable?
Yes. Interest is ordinary income on your federal return (and usually your state return) for the year it's credited, even if you leave it in the account; banks send Form 1099-INT for $10 or more.
Treasury bills and I bonds are free of state income tax.
What does a high-yield savings calculator show?
The same growth, at the APY a high-yield account pays. Over 10 years, $25,000 plus $500 a month reaches $87,109 at the 0.38% FDIC national savings rate and $110,354 at an example 4% APY, $23,245 more.
Account rates can change at any time, so enter the APY your own bank quotes.
Is a savings account enough to save for retirement?
It can hold part of it, so compare the result with your target. Saving $1,000 a month from 50 to 67 deposits $204,000 and reaches about $267,556 at an example 4% APY with interest taxed at 22%.
An example 6% in a tax-deferred account reaches about $347,767 before tax, but investments can lose value.
Where should I keep savings?
Emergency money belongs somewhere safe and easy to reach — an FDIC- or NCUA-insured savings or money market account, insured up to $250,000 per depositor, per bank, per ownership category. For money you won't need for a set time, CDs or Treasury bills can lock in a rate.
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Further Reading
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