Savings Account Interest Calculator
Enter your balance, the account's rate and the time period. We show how much interest you will earn and your effective yield.
This calculator gives estimates for information only. It is not financial, tax or legal advice. Real results depend on lender terms, fees and local rules.
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The formula
Balance = P x (1 + r/n)^(nt). APY = (1 + r/n)^n - 1.
How banks pay interest
Banks quote a yearly rate but often add interest daily or monthly. We default to daily compounding here, which is common for savings accounts. The APY shown is the real yearly return after compounding.
Example
5,000 in an account paying 4.5 percent, compounded daily, earns about 230 in the first year, an APY of 4.60 percent.
Compare accounts properly
Compare APY, not just the headline rate. Check whether the rate is a teaser that drops after a few months, whether there are minimum balances, and whether the interest is taxed where you live.
Examples to check
Type these into the calculator above to see how it behaves. Every result below was produced by the same calculator code that runs on this page.
| What you enter | What you get |
|---|---|
| Starting balance ($): 5000; Annual interest rate (%): 4.5; Time (years): 1; Daily | Future value: $5,230.12 |
| Starting balance ($): 20000; Annual interest rate (%): 4; Time (years): 5; Daily | Future value: $24,427.79 |
| Starting balance ($): 1000; Annual interest rate (%): 2; Time (years): 10; Daily | Future value: $1,221.40 |
Savings Account Interest Calculator: frequently asked questions
What is the difference between APR and APY?
APR is the stated yearly rate. APY includes the effect of compounding, so it is a little higher if interest is added more than once a year. We show the APY under the result.
Is this financial advice?
No. It gives an estimate from the numbers you enter. Real offers depend on fees, tax and the lender or provider, so check the terms before you commit.
Is what I enter in this calculator saved or sent anywhere?
No. The calculation runs in your browser, so what you enter is not sent to our servers. We only count, anonymously, whether a tool ran successfully.
Is this calculator free to use?
Yes. It is free, needs no sign-up and has no usage limit.
Last reviewed: October 3, 2026