Savings Interest Calculator (Compound APY)
Estimate how your savings could grow using a starting amount, monthly contributions, a time horizon, and an APY. (Monthly compounding assumed.)
Calculator
Adjust sliders or type valuesStarting amount
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Monthly deposit
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Interest rate (APY)
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Time horizon
Assumptions: interest compounds monthly; monthly deposit is added at the end of each month; taxes/fees/inflation not included.
Frequently Asked Questions
What is a savings account?
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A savings account is a type of bank or credit union account where you can deposit money, earn interest, and withdraw funds when needed. It’s designed for storing money securely while allowing it to grow over time.
How does interest work in a savings account?
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Interest is the money the bank pays you for keeping your funds in the account. It’s usually expressed as Annual Percentage Yield (APY), which reflects the total interest earned in a year, including compounding. Higher APYs mean faster growth for your savings.
Are savings accounts safe?
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Yes—if your bank is FDIC-insured or your credit union is NCUA-insured. These protections guarantee your deposits up to $250,000 per account holder, per institution in case the bank fails.
Can I withdraw money anytime from a savings account?
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You can, but savings accounts are meant for limited transactions. Many banks restrict you to around six withdrawals per month and may charge fees if you exceed that limit.
What’s the difference between a savings account and a checking account?
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A savings account is designed for storing money and earning interest, while a checking account is built for frequent transactions like bill payments and purchases. Savings accounts generally pay higher interest but offer fewer withdrawal options.
How much money should I keep in my savings account?
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A good rule of thumb is to keep 3–6 months of essential living expenses for emergencies. Beyond that, you can use it for short-term goals like vacations, down payments, or large purchases.
Important Disclaimers
SoFi Checking and Savings:
*Terms Apply
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied the Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 4/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Additional FDIC Insurance - SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Valley Bank:
*FDIC insured up to $250K, per depositor, per account ownership category.
Synchrony:
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC.
Western Alliance Bank:
1. The annual percentage yield (APY) is accurate as of December 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
2. Accurate as of the time of publication. The national average rate referenced is from the FDIC's published National Rates and Rate Caps for Savings deposit products, accurate as of November 17, 2025. See the website for more information.
NexBank High-Yield Savings Account powered by Raisin:
¹ New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform.
Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more.
To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and September 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms.
This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.
Discover High-Yield Savings Account:
*To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code NI325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/bank.
CIT Bank Platinum Savings Account:
*CIT Bank's eChecking account offers 0.25% APY with $25,000 minimum balance
0.10% APY on balances under $25,000
The Annual Percentage Yields (APY) and interest rates are effective as of February 3, 2025. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100. See Fee Schedule and Agreement for Personal Accounts for details.
To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained.
*Bonus offer is available to new customers only. To qualify, transfer a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225 or transfer a one-time deposit of $50,000+ for a Bonus of $300.
Account must be opened with code PS2025 within the Promotion Period. Qualifying deposit must be made within 30 days from the account open date. Bonus amount will be credited to Platinum Savings Account that fulfills the funding requirement within 60 days from funding date.
There are is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. Promotion is available per account and Primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited in one-deposit or incrementally.
E*TRADE Premium Savings:
*To be eligible for this offer, you must apply promo code SAVE25 at the time of account opening. This promotional code is intended for single use only and is non-transferable. This offer is only valid for a new Premium Savings Account. This offer is not valid for Checking, Max- Rate Checking or line of credit, or other accounts that we or our affiliates offer. IRA and non-IRA accounts are ineligible. This offer is only eligible to one new opened and funded Premium Savings Account (PSA) within 30 days. Excludes non-U.S. residents, and residents of any jurisdiction where this offer is not valid. Customers may only be enrolled in one offer at a time. Cannot be combined with any other offers. Each customer is limited to a lifetime maximum of two new Premium Savings Account offers.
Other restrictions may apply. Offer may be removed at any time.
1. As of 2/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 4.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for information regarding this account's current interest rate and corresponding APY.
2. Transfer Money transactions made between existing accounts will be processed immediately. Funds deposited to accounts via Transfer Money from external accounts will be available for investment or withdrawal on the third business day after the date of deposit if transferred by 4 p.m. ET.
The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation (“FDIC”) member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. Learn more.
*Terms Apply
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied the Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 4/5/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Additional FDIC Insurance - SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
Valley Bank:
*FDIC insured up to $250K, per depositor, per account ownership category.
Synchrony:
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC.
Western Alliance Bank:
1. The annual percentage yield (APY) is accurate as of December 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
2. Accurate as of the time of publication. The national average rate referenced is from the FDIC's published National Rates and Rate Caps for Savings deposit products, accurate as of November 17, 2025. See the website for more information.
NexBank High-Yield Savings Account powered by Raisin:
¹ New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform.
Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more.
To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and September 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms.
This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.
Discover High-Yield Savings Account:
*To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code NI325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/bank.
CIT Bank Platinum Savings Account:
*CIT Bank's eChecking account offers 0.25% APY with $25,000 minimum balance
0.10% APY on balances under $25,000
The Annual Percentage Yields (APY) and interest rates are effective as of February 3, 2025. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100. See Fee Schedule and Agreement for Personal Accounts for details.
To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained.
*Bonus offer is available to new customers only. To qualify, transfer a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225 or transfer a one-time deposit of $50,000+ for a Bonus of $300.
Account must be opened with code PS2025 within the Promotion Period. Qualifying deposit must be made within 30 days from the account open date. Bonus amount will be credited to Platinum Savings Account that fulfills the funding requirement within 60 days from funding date.
There are is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. Promotion is available per account and Primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited in one-deposit or incrementally.
E*TRADE Premium Savings:
*To be eligible for this offer, you must apply promo code SAVE25 at the time of account opening. This promotional code is intended for single use only and is non-transferable. This offer is only valid for a new Premium Savings Account. This offer is not valid for Checking, Max- Rate Checking or line of credit, or other accounts that we or our affiliates offer. IRA and non-IRA accounts are ineligible. This offer is only eligible to one new opened and funded Premium Savings Account (PSA) within 30 days. Excludes non-U.S. residents, and residents of any jurisdiction where this offer is not valid. Customers may only be enrolled in one offer at a time. Cannot be combined with any other offers. Each customer is limited to a lifetime maximum of two new Premium Savings Account offers.
Other restrictions may apply. Offer may be removed at any time.
1. As of 2/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 4.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for information regarding this account's current interest rate and corresponding APY.
2. Transfer Money transactions made between existing accounts will be processed immediately. Funds deposited to accounts via Transfer Money from external accounts will be available for investment or withdrawal on the third business day after the date of deposit if transferred by 4 p.m. ET.
The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation (“FDIC”) member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. Learn more.