About the Savings Calculator
Savings grow in two ways: what you put in and the interest you earn, which then earns interest itself. This savings calculator shows the combined effect. Enter the amount you start with, what you add each month, the yearly interest rate and how many years, and it works out the final balance, how much of it is your own money and how much is interest. You can pick how often interest is added, and whether deposits are made at the start or the end of each month. A short table shows the balance at milestones, so you can see how the curve bends upward over time.
Updated October 2026
How to use the Savings Calculator
- 1Enter your starting amount and monthly deposit.
- 2Enter the yearly interest rate and the number of years.
- 3Choose how often interest is added and when deposits are made.
- 4Read the final balance, the total deposits and the interest earned.
- 5Look at the milestone balances.
Worked example
Starting with 2,000 and adding 250 a month at 4.5 percent compounded monthly, the balance after 5 years is about 19,290, after 10 years about 40,934 and after 20 years about 101,900. The deposits make up most of the early growth, but as time passes the interest takes a growing share: in the tenth year alone it adds about 1,730.
Remember that inflation reduces what your savings can buy. If your interest rate is lower than the rate of inflation, the balance grows on paper but loses buying power. The Investment Calculator includes an inflation setting so you can see the real value of the result. For short-term goals, such as a holiday or a deposit, a savings account is the right home. For long-term goals, consider whether a higher-return, higher-risk choice suits you.
Tips to grow savings faster
- Automate deposits on payday.
- Raise the monthly amount when your pay rises.
- Compare accounts for the best interest rate.
- Avoid withdrawals.
- Move savings out of accounts that pay almost nothing.
Choosing where to save
Savings accounts, fixed deposits, money market funds and government savings bonds all offer different rates and terms. Check that the provider is covered by a deposit guarantee scheme. For goals more than five years away, investing may offer higher growth but with risk, which the Investment Calculator can model.
Related tools
The Savings Goal Calculator tells you how much to save to reach a target, the Compound Interest Calculator offers another view, the Investment Calculator adds risk and inflation, and the Emergency Fund Calculator sets a first target.
Features
- Starting amount plus monthly deposits
- Monthly, quarterly, yearly or daily interest
- Deposits at start or end of the month
- Total deposits and interest
- Balance at milestones
- Any currency
Frequently asked questions
How much will 250 a month grow to?
At 4.5 percent interest, with a starting amount of 2,000, saving 250 a month for 10 years grows to about 40,934. You put in 32,000, and about 8,934 is interest.
What is compound interest?
Interest on interest. After each period, the interest earned is added to the balance and the next interest is calculated on the larger total. The more often interest is added, and the longer the time, the bigger the effect.
Does compounding frequency matter?
A little. Monthly compounding gives slightly more than yearly at the same rate. The difference is small for ordinary savings rates, but the calculator lets you test each option.
Is the interest rate fixed?
The calculator assumes it is. Savings rates change with the bank and the economy, so treat the result as an illustration and re-run it when your rate changes.
Do I pay tax on savings interest?
In many countries, yes, above some allowance. The calculator shows interest before tax. If tax applies, use your after-tax rate to see a more realistic result.
Should I save or pay off debt?
Compare rates. Paying off a loan at 18 percent beats earning 4 percent on savings. Keep a small emergency fund first, then tackle expensive debt, then build savings.