Interest CalculatorsFormulas shown, rates sourced

APY · monthly deposits · inflation

Savings calculator

A savings balance grows from your deposits plus interest at the account's APY. Starting with $5,000 and adding $200 a month at 4.00% APY gives $19,319.07 after 5 years, $2,319.07 of it interest; at the 0.38% national average you would have $17,208.32.

Interest Calculators editorial teamUpdated 5 sources

Calculator 14

Savings growth

Interest compounds at your APY; deposits at the end of each period

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Saving $200 a month on top of $5,000 at 4.00% APY, you have $19,319.07 after 5 years, including $2,319.07 of interest.

Savings balance$19,319.075 years
Interest earned$2,319.07
You deposit$17,000.00
At 0.38% APY instead$17,208.32$2,110.75 less
$0$5K$10K$15K$20K0y1y2y3y4y5y
  • Starting amount
  • Deposits
  • Interest
Year-by-year table
YearDepositsInterestBalance
1$2,400.00$243.69$7,643.69
2$2,400.00$349.44$10,393.12
3$2,400.00$459.41$13,252.54
4$2,400.00$573.79$16,226.33
5$2,400.00$692.74$19,319.07

Formula. Each period the balance earns (1 + APY)1/periods per year − 1, then the deposit is added. Balance after N periods = P(1 + i)N + D × [((1 + i)N − 1) ÷ i].

How savings interest is calculated

Savings interest is calculated by applying the account's rate to your balance every day or month and adding it to the balance; the APY expresses the yearly result.[2] Because the APY (what APY means) already includes compounding, a year at 4.00% APY turns $10,000 into $10,400.00, whatever the compounding schedule. This calculator converts the APY to the exact per-deposit rate, so its numbers agree with the bank's APY.

What regular saving adds up to

Monthly deposits at 4.00% APY, starting from zero:

Deposit1 year5 years10 years20 years
$100 a month$1,222$6,618$14,670$36,384
$250 a month$3,055$16,545$36,674$90,960
$500 a month$6,109$33,090$73,348$181,921
$1,000 a month$12,218$66,179$146,696$363,842

For the deposit that reaches a specific number by a set date, use the savings goal calculator.

Savings rates: national average vs high-yield

The FDIC's national average savings rate was 0.38% APY in the release published October 19, 2026, with a national rate cap of 4.63%.[1] The average is pulled down by large banks that pay very little, while many online savings accounts pay several times as much. Over 5 years the example above earns $2,110.75 more at 4.00% than at the average. The high-yield savings calculator compares two rates in detail.

Withdrawals, inflation and taxes

  • Access. Savings accounts are for money you may need. The Federal Reserve deleted the six-per-month limit on convenient transfers from savings accounts in April 2020, but banks may still set their own limits.[3]
  • Inflation. Enter an inflation rate to see the balance in today's dollars; a savings rate below inflation loses buying power.
  • Taxes. Interest is taxable when credited and reported on Form 1099-INT.[5] The tax box compounds the after-tax rate.
  • Insurance. Savings at an FDIC-insured bank are covered up to $250,000 per depositor, per bank, per ownership category.[4]

Rates changeA savings APY is variable: the bank can change it at any time. Re-run the numbers when your rate changes, or lock a rate with a CD.

For interest per day, month and year on a balance you already have, see how much interest will I earn; for any compounding schedule and goal seek, the compound interest calculator.

Frequently asked questions

How much will I have if I save $200 a month?

At 4.00% APY, about $13,236 after 5 years and $29,339 after 10 years.

How is interest on a savings account calculated?

The bank applies a daily or monthly rate to your balance and adds the interest to it. The APY tells you the total for a year, including that compounding.

What is the average savings account interest rate?

The FDIC national average was 0.38% APY (published October 19, 2026). Many high-yield online accounts pay much more.

Is savings account interest taxable?

Yes, as ordinary income in the year it is credited, unless the account is inside a tax-advantaged plan.

Sources

  1. National Rates and Rate Caps, October 2026 · Federal Deposit Insurance Corporation, published October 19, 2026
  2. Appendix A to Part 1030 (Regulation DD), Annual Percentage Yield Calculation · eCFR, Consumer Financial Protection Bureau regulations, current as of November 1, 2026
  3. Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the "savings deposit" definition in Regulation D · Board of Governors of the Federal Reserve System, April 24, 2020
  4. Understanding Deposit Insurance · Federal Deposit Insurance Corporation, updated April 1, 2024
  5. Topic no. 403, Interest received · Internal Revenue Service, reviewed October 7, 2026