Savings Calculator
Plan your savings goals with compound interest
Savings Summary
Year-by-Year Growth
| Year | Contributions | Interest | Balance |
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The Power of Compound Interest
"Compound interest is the eighth wonder of the world."
— Albert Einstein (attributed)
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Frequently Asked Questions
What is compound interest?
Compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. It helps your money grow faster over time.
How often should interest compound?
More frequent compounding (daily vs monthly vs annually) results in slightly higher returns. Daily compounding is best, but the difference is usually small.
What's a good savings rate?
High-yield savings accounts offer 4-5% APY. CDs may offer slightly higher rates. Money market accounts typically offer 3-5%. Compare options for best rates.
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