How to use this calculator
Estimate savings account growth from your starting balance, monthly deposits, nominal annual interest and number of months. Choose Plan a goal to calculate the monthly deposit needed to reach a target amount by a date.
Estimate savings account interest
Choose Calculate growth for a balance projection without setting a goal. Enter months to save, your starting balance and monthly deposit, then adjust the nominal annual interest rate and compounding frequency. The result separates the projected balance from interest earned.
At 0% interest, $1,000 plus twelve $500 monthly deposits becomes $7,000. Interest is the projected balance minus your starting balance and deposits. This estimate excludes fees, taxes, withdrawals and changing rates. An advertised APY is an effective annual yield; it is not interchangeable with a nominal rate compounded monthly.
How the goal projection works
Deposits occur at the end of each month. The chosen nominal compounding frequency is converted to an equivalent monthly growth rate. Each month grows the existing balance, then adds the deposit. Target dates round up to approximate monthly periods, not daily bank balances.
Required monthly contribution solves for the deposit that reaches the nominal target after those periods. At zero interest, it is the remaining target divided by months. If the existing balance and its projected growth already cover the goal, the required deposit is zero.
Keep the goal and inflation assumptions consistent
Target amounts are future nominal dollars. The inflation-adjusted chart translates projected balances into today’s purchasing power; it does not automatically inflate the target itself. Update the target if your planned purchase is expected to become more expensive.
The projection assumes unchanged rates and regular deposits. It excludes taxes, fees, withdrawals and changing deposit amounts. A future target date is required, and amounts cannot be negative. Use an actual savings account’s terms when comparing interest-crediting practices.
How much should I save each month?
Enter your goal amount, target date and current savings, then review the required monthly contribution. Compare that amount with your planned deposit. If the required contribution is too high, test a later target date or a smaller goal rather than assuming a higher interest rate will be available.
For an emergency fund or another short-term goal, use the amount you actually expect to deposit regularly. The calculator estimates a balance; it does not choose an account or guarantee an interest rate.
Monthly deposits versus compound interest
A savings balance grows from two sources: money you deposit and interest credited to the balance. At 0% interest, a $1,000 starting balance plus twelve $500 deposits gives $7,000. With positive interest, earlier deposits have longer to grow than later deposits.
To compare a lump sum or explore compounding more broadly, use the related compound interest calculator. Keep the same starting balance, time period and rate assumptions when comparing results.
Example: twelve monthly deposits
With $1,000 already saved, $500 deposited monthly and 0% interest, the balance after twelve deposits is $7,000. Reaching $10,000 over those same twelve periods instead requires ($10,000 − $1,000) ÷ 12, or $750 per month.