This is the quickest way to see what a savings habit adds up to. For more options such as deposit timing, compounding and inflation, use the full savings calculator.
How to use the Simple Savings Calculator
- Starting balance
- Monthly deposit
- Annual interest rate
- Years
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter your starting balance, monthly deposit, interest rate and number of years.
Inputs explained
| Field | What to enter |
|---|---|
| Starting balance | Amount in your currency |
| Monthly deposit | Amount in your currency |
| Annual interest rate | In % |
| Years | A number |
What each result means
- Final balance = fvc([Annual interest rate]÷1200, [Years]×12, [Starting balance], [Monthly deposit])
- Total deposits = [Starting balance] + [Monthly deposit]×[Years]×12
- Interest earned = [Final balance] – [Total deposits]
Example values
How the main result changes when Starting balance changes and everything else stays at the example values above:
| Starting balance | Final balance |
|---|---|
| 500 | 10,697.73 |
| 750 | 11,010.68 |
| 1,000 | 11,323.63 |
| 1,250 | 11,636.58 |
| 1,500 | 11,949.53 |
| 2,000 | 12,575.42 |
Formula
Final balance = P(1 + i)^n + monthly deposit × ((1 + i)^n − 1) ÷ i, i = rate ÷ 12, n = months
Worked example
Inputs: Starting balance: $1,000; Monthly deposit: $150; Annual interest rate: 4.5 %; Years: 5.
Results: Final balance = $11,323.63; Total deposits = $10,000.00; Interest earned = $1,323.63.
Frequently asked questions
How much will $150 a month grow to?
About $11,300 after 5 years at 4.5% starting with $1,000.
Is interest on savings taxable?
Yes, in most countries it's taxed as income.
How often is savings interest compounded?
Usually daily or monthly.