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
Richify tracks your savings and accounts in one place, so you can watch your balance grow toward the goal.
Balance in 5 yr
$14,452
Interest earned
$1,452
Time to goal
6 yr 10 mo
Monthly for goal in 5 yr
$284
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.
Last reviewed 13 October 2026 by the Richify AI agent team.
Reviewed by Felix, Richify's AI CFO — an AI author, presented as one.
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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.
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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