How to use this calculator
Pick a mode at the top.
Grow my savings answers “how much will I have?”
- Starting balance: what’s in the account today.
- Monthly deposit: what you’ll add each month.
- Interest rate (APY): the annual percentage yield your bank pays.
- Years: how long you’ll save. Decimals work, so 2.5 means two and a half years.
Reach a goal answers “how much do I need to save?” Enter your savings goal, starting balance, APY and the number of years until your deadline. The calculator tells you the monthly deposit, rounded up to the next dollar so you land on or just above your goal.
The chart and table show your balance at the end of each year, split into what you started with, what you deposited and the interest you earned.
The formulas
The calculator converts the APY into a monthly rate, then adds interest and your deposit at the end of each month:
At 4% APY, i ≈ 0.3274% a month. After N months with starting balance S and monthly deposit M, the balance is:
To find the monthly deposit for a goal, the calculator solves the same equation for M: subtract what your starting balance will grow to from the goal, then divide by the growth factor of the monthly deposits.
Worked examples
Growing savings. You have $5,000, add $200 a month and earn 4% APY for 5 years. You deposit $12,000 on top of your starting $5,000, interest adds about $2,319, and you finish with about $19,319.
Reaching a goal. You want $25,000 in 5 years, starting with $5,000, at 4% APY. Your $5,000 grows on its own, and you need about $286 a month on top of it. Over the five years you’d deposit $17,160 and earn about $2,850 in interest, finishing at about $25,010.
How much to save each month for common goals
Starting from $0, here is the monthly deposit to hit a goal at 4% APY, compared with saving in an account that pays nothing:
| Goal | Deadline | Monthly at 4% APY | Monthly at 0% |
|---|---|---|---|
| $10,000 | 1 year | $819 | $834 |
| $10,000 | 2 years | $402 | $417 |
| $25,000 | 3 years | $656 | $695 |
| $25,000 | 5 years | $378 | $417 |
| $60,000 | 5 years | $907 | $1,000 |
Over short periods, interest only trims the monthly amount a little. The deadline is what really changes the number. Giving yourself more time is usually the easiest way to make a goal affordable.
Why the rate matters more over time
With $5,000 to start and $200 a month:
| Years | Balance at 0.5% APY | Balance at 4% APY |
|---|---|---|
| 1 | $7,430 | $7,644 |
| 5 | $17,275 | $19,319 |
| 10 | $29,859 | $36,740 |
| 20 | $55,990 | $83,724 |
Over one year the difference is about $214. Over 20 years it’s nearly $28,000, because interest is earned on interest. It pays to check the APY on your savings account and move money if it’s well below what other insured accounts offer.
Tips to save more
- Automate it. Set up a transfer on payday so saving happens before spending. The paycheck calculator shows what lands in your account.
- Give every goal a deadline. It turns a vague wish into a monthly number you can plan around.
- Build an emergency fund first. A common rule of thumb is three to six months of essential expenses in an easy-to-reach account.
- Lock in a rate for fixed dates. If you know exactly when you’ll need the money, a CD may pay more. Try the CD calculator.
- For long-term goals, look beyond savings. The investment calculator and retirement calculator cover goals that are decades away. The compound interest calculator lets you pick a compounding frequency.
Assumptions and limitations
The APY stays the same for the whole period, deposits are made at the end of each month, and nothing is withdrawn. Savings rates change over time, and interest is taxable in a regular account. Inflation also erodes what your savings will buy; see the inflation calculator.
Sources
- CFPB: Regulation DD (Truth in Savings)
- IRS: Topic no. 403, Interest received
- FDIC: Deposit insurance
This calculator is for estimates only and isn’t financial advice.
Frequently asked questions
How much will I have if I save $200 a month?
Starting with $5,000 and adding $200 a month at 4% APY, you'd have about $19,319 after five years. That's $17,000 of your own money plus about $2,319 in interest. After 10 years the same plan reaches about $36,740.
How much do I need to save each month to reach a goal?
Choose Reach a goal, then enter the goal, what you have now, the APY and your deadline. To reach $25,000 in five years from $5,000 at 4% APY, you'd need about $286 a month. Starting from nothing, $10,000 in two years takes about $402 a month at 4%.
Does the interest rate matter much for savings?
Over a few years it matters less than how much you deposit, but it isn't trivial. Over five years with $5,000 up front and $200 a month, a 0.5% APY earns about $275 in interest while a 4% APY earns about $2,319. Over 20 years the gap grows to about $2,990 versus $30,724.
What's the difference between APY and interest rate?
APY (annual percentage yield) includes the effect of compounding, so it shows what you actually earn over a year. Banks must disclose APY on savings accounts, which makes it the fairest way to compare them. This calculator uses APY directly, so enter the number the bank advertises.
Is interest on savings taxable?
Yes. Interest on a regular savings account is taxable income in the year it becomes available to you. If you earn $10 or more, your bank should send you Form 1099-INT, and you must report the interest even if no form arrives. The calculator shows interest before tax.
Where should I keep money I'm saving for a goal?
For goals within a few years, most people use an FDIC- or NCUA-insured savings account, money market account or CD so the balance can't fall. For goals a decade or more away, investing may make more sense, though returns are not guaranteed.
Updated November 2026. Results are estimates for educational purposes and depend on the inputs you provide.