Savings Interest Calculator with Monthly Deposits
Enter a starting balance, a monthly deposit and the account's APY to see the balance and interest earned over time.
$19,014 after 5 years
You deposit $17,000 and earn $2,014 in interest at 3.50% APY.
| Year | Deposits | Balance |
|---|---|---|
| 1 | $7,400 | $7,613 |
| 2 | $9,800 | $10,318 |
| 3 | $12,200 | $13,117 |
| 4 | $14,600 | $16,015 |
| 5 | $17,000 | $19,014 |
Today's best 1 year CD rates
- Popular Direct 4.60% 12 months
- Barclays 4.50% 12 months
- Sallie Mae Bank 4.50% 12 months
- Capital One 4.40% 11 months
- Marcus by Goldman Sachs 4.40% 12 months
From the institutions we track, verified daily. See all rates.
How it is calculated
Each month the balance grows by the monthly equivalent of the APY, (1 + APY)1/12 − 1, and then your deposit is added at the end of the month.
Questions
Is a savings account or a CD better?
A CD locks a rate for a term; a savings account rate can change at any time but your money stays available. Compare the CD rate with what the savings rate is likely to be over the same term.