Savings Calculator
Grow a balance, or hit a goal
How the Savings Projections Work
An APY already includes the effect of compounding over a year, so the projection converts it to a monthly equivalent — (1 + APY)1/12 − 1 — and then applies that rate plus your contribution at the end of every month. Compounding the monthly rate instead of dividing the APY by twelve keeps the annual result equal to the quoted APY.
The goal mode inverts the same maths. It works out what the starting balance will grow to on its own, takes the shortfall to your goal, and converts that shortfall into the monthly payment that fills it — an annuity calculation in which each deposit compounds until the horizon. If the starting balance already reaches the goal unaided, the required contribution is zero.
Both outputs are steady-state projections: a constant APY for the whole horizon, contributions at the end of each month, no tax and no fees deducted. Move the APY to a conservative figure for cash and bonds, and a higher one for equities over long periods, to bracket a range rather than rely on a single number.
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When to Use This Calculator
Use this calculator when planning long-term investments with Vanguard or Fidelity, comparing high-yield savings accounts from Marcus or Ally Bank, evaluating the impact of monthly contributions to your brokerage account, or understanding how 3% inflation affects purchasing power over 20 years.
Historical Investment Returns by Decade
Data Sources & Citations
- OfficialInternal Revenue Service (IRS)
Disclaimer: Calculators and tools on this site are for informational purposes only and do not constitute financial, tax, legal, medical, or investment advice. Results are estimates and may not reflect actual rates or terms. Consult a qualified professional before making decisions. Privacy Policy
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Frequently Asked Questions
How often do these rates change?
Banks reprice rates whenever funding conditions move, sometimes weekly. Treat any figure here as a snapshot and confirm the live rate on the provider's page before opening an account.
Is my money insured?
Deposit insurance depends on the institution and your country. Check the regulator and coverage limit shown on the bank's own legal page before funding an account.
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