Savings Calculator
Future value with regular deposits
Savings Calculator tool
Savings Results
Future Value
$0.00
Total Contributions
$0.00
Total Interest Earned
$0.00
Savings Calculator: key facts
- What it does
- Future value with regular deposits
- Category
- Financial Calculators
- Cost
- Free, with no account, sign-up, or install.
- Your data
- Runs entirely in your browser — the files and text you enter are never uploaded to a server.
- Last reviewed
- . Report an incorrect result.
What this tool is for
Reaching a savings goal is mostly about consistency, and this calculator shows where that consistency lands you. Start with an initial balance, add a fixed monthly deposit, apply an interest rate, and it projects the future value of your savings along with a yearly breakdown of balance, contributions, and interest.
It is the tool for goal-setting: building an emergency fund, saving toward a down payment, or checking whether $200 a month gets you where you want to be in five years. By separating what you contributed from what interest added, it shows how much of your goal your own discipline accomplishes versus how much the bank chips in.
How to use the Savings Calculator
- Enter your initial savings amount (zero is fine if starting fresh).
- Enter the monthly deposit you plan to make.
- Set the annual interest rate and how many years you plan to save.
- Read the future value, total contributions, and total interest earned.
- Expand the yearly breakdown to track the balance growing year by year.
How the balance is projected
Two components are calculated separately and summed. Your opening amount compounds monthly across the whole period. Your monthly deposits are treated as an ordinary annuity — each deposit lands at the end of its month and then compounds for however many months are left, so the first deposit earns far more than the last.
Compounding is applied monthly, which matches how most savings accounts credit interest. The annual rate you enter is divided by twelve and applied that many times, so the effective annual growth is very slightly above the nominal rate you typed.
The yearly breakdown recalculates both components at each year mark rather than interpolating, which is why the contributions column and the interest column always reconcile against the balance in every row.
- The defaults — 1,000 opening, 200 a month, 5% over 10 years — reach 32,703.47.
- Of that, 25,000 is money you deposited and 7,703.47 is interest earned.
- Doubling the monthly deposit to 400 roughly doubles the end balance, whereas doubling the term to 20 years more than triples it — time is the stronger of the two levers.
What the Savings Calculator gets right
- It is built around regular monthly deposits, modeling a real saving habit rather than a one-time sum left to grow.
- The yearly breakdown separates your contributions from earned interest, so the role of consistent deposits is unmistakable.
- It compounds monthly throughout, matching how most savings accounts credit interest.
- It runs entirely in your browser with no sign-up, keeping your savings figures private.
Rates move, and inflation is not modelled
Savings rates on instant-access accounts are variable, so a rate held constant for ten years is an assumption rather than a promise. Introductory bonus rates are a particular trap: they frequently expire after twelve months and drop to something much lower, which a single-rate projection cannot show. Fixed-term bonds hold their rate but lock the money up.
The projection is in nominal terms. If the account pays 5% while prices rise 3%, the real growth in what your money buys is close to 2%, and a balance quoted a decade out will not purchase what the same figure would today. Tax on interest is also outside the calculation, though tax-sheltered savings accounts exist in most countries and are usually worth filling before a taxable one.
One thing worth checking on any account before committing: whether deposits are protected by the national deposit guarantee scheme, and up to what limit.
Frequently Asked Questions
How much should I save each month?
It depends on your goal and timeline rather than a fixed rule. Enter the deposit you can realistically sustain and see where it lands you; if it falls short of your target, the calculator shows how a higher deposit closes the gap.
How does interest help my savings grow?
Each month, interest is added to your balance, and the next month's interest is calculated on that larger total. Over years this compounding meaningfully boosts your savings beyond the sum of your deposits — the "total interest earned" figure shows exactly how much.
Is this the same as a compound interest calculator?
They overlap, but this tool is framed around a savings goal with required monthly deposits and a year-by-year balance view. A compound interest calculator focuses more on growing a principal and lets you vary the compounding frequency.
Does this account for taxes on interest?
No. The projection shows gross growth before any tax on the interest earned. Depending on your account type and jurisdiction, some or all of that interest may be taxable, so treat the figure as a pre-tax estimate.
