Savings Calculator
This shows how a savings account grows. Start with an amount, add a deposit each month, and set a yearly interest rate. Leave the starting amount at zero to see a recurring deposit plan, which means saving the same amount every month.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each month the balance earns one twelfth of the yearly rate. The month's deposit is added after that. The table repeats this for every month, so you can watch the balance build.
The last row of the table matches the total from the compound growth formula, so the two agree. The interest earned is the final balance minus what you started with and what you deposited.
Worked example
Starting with $5,000.00 and adding $200.00 each month at 4.5% for 5 years, the balance reaches $19,688.09. Interest adds $2,688.09 along the way.
Questions
Is interest added monthly here?
Yes, which is common for savings accounts. Some banks add interest daily or yearly, which changes the total a little.
What is a recurring deposit?
It is a plan where the same amount goes in each month. Set the starting amount to zero and the deposit to your monthly figure.
Does the rate stay the same?
This assumes it does. Savings rates often change, so treat the result as an estimate.
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