Compound Savings

Ever wonder how a little savings each month can turn into a big number over time? That is the power of compound interest: you earn interest on your money, and then you earn interest on that interest. Use the free calculator below to see how much your savings could grow and how much of it comes from interest alone.

Compound Interest Savings Calculator »

How the calculator helps

Enter your starting amount, how much you plan to add each month, your yearly interest rate, and how many years you want your money to grow. You can choose how often interest compounds, from daily to once a year, and whether you make deposits at the start or the end of each month. The calculator shows your final balance, the total you put in, and the total interest you earned. A year-by-year table shows how your balance builds over time.

Ways to make your savings grow faster

• Start as early as you can. Time is the biggest factor in compound growth. Money saved early has more years to earn interest on interest.
• Add a little every month. Regular deposits, even small ones, add up. Try raising your monthly deposit in the calculator to see the difference.
• Look for a better rate. A higher yield makes a big difference over many years. Compare high-yield savings accounts, CDs, and other options.
• Leave the interest alone. Withdrawing your earnings stops the compounding. Letting them stay in the account is what makes the growth speed up.
• Watch for fees. Account fees and fund costs eat into your returns, so check them before you choose where to save.

Before you rely on the numbers

The calculator assumes the same interest rate for the whole period. Real savings rates change, and investment returns rise and fall from year to year. Taxes, fees, and inflation are not included, so your money will buy less in the future than the same amount does today. Try a lower rate to see a more cautious picture.

Try it now

Run a few scenarios and see how much your savings could grow:

Compound Interest Savings Calculator »

This calculator and article are for general information only and are not financial advice. Talk with a financial professional about your specific situation.