Savings Calculator
How long until you reach your savings goal? Project your balance over time and compare accounts side by side. Works in any currency.
How to Use This Calculator
Tab "Savings Goal" 🎯
Enter your goal amount (e.g. $20,000 emergency fund), your monthly contribution, the expected annual interest rate, and any existing savings. The calculator tells you how many months it will take to reach your goal, the exact target date, and how much interest you'll earn along the way.
Tab "Growth Projection" 📈
Enter an initial lump-sum deposit, a monthly contribution, an annual rate, and a time horizon in years. See your projected balance at each milestone, how much of it is contributions vs interest, and the Rule of 72 doubling time for your rate.
Tab "Compare Accounts" ⚖️
Enter the same monthly contribution and time horizon for all three accounts, then set a different interest rate (and optional name) for each. Instantly see which account grows fastest and how much extra you earn by choosing a higher-rate option.
Use the currency selector (top right of the calculator) to switch between $, £, €, ₹, ¥, R$, and ₱ — all math is identical, only the symbol changes.
The Formulas
FV = P × (1 + r/12)^n + C × [(1 + r/12)^n − 1] / (r/12)
Where:
P = initial deposit
C = monthly contribution
r = annual interest rate (decimal, e.g. 0.05 for 5%)
n = number of months
Months to reach a goal (Goal tab):
Solved numerically — binary search on n until FV ≥ goal (60 iterations, <0.001 month precision)
Rule of 72 (approximate doubling time):
Years to double ≈ 72 ÷ annual rate (%)
Interest earned:
Interest = Final balance − Total contributions
Interest is compounded monthly (12 periods per year). Contributions are assumed to be made at the end of each month (ordinary annuity). All values are nominal — no inflation or tax adjustment.
Worked Examples
Example 1 — $20,000 Emergency Fund
You want to build a $20,000 emergency fund from scratch. You can save $800 per month in a high-yield savings account paying 4.5% per year.
The 4.5% interest shaves roughly a month off the timeline compared to saving with no interest. Try the scenario button above to load these numbers directly.
Example 2 — 10-Year Growth Projection
You deposit $1,000 today and add $200 per month to an account earning 5% per year for 10 years.
Interest accounts for 23% of the final balance — and that share grows rapidly the longer you leave the money invested.
Example 3 — Compare 3% vs 5% vs 7% over 15 Years
You save $500 per month for 15 years. The only variable is where you keep your money.
The same $500 per month earns $37,000 more over 15 years simply by choosing a 7% vehicle over a 3% one. The index fund balance assumes no taxes or fees and a constant 7% return — actual returns vary.
Savings Account Types at a Glance
| Account type | Typical rate | Risk | Best for |
|---|---|---|---|
| Standard savings | 0.5–2% | None (FDIC/FSCS insured) | Emergency fund, short-term goals |
| High-yield savings (HYSA) | 4–5% (2025) | None (insured) | Emergency fund, 1–3 year goals |
| Money market account | 4–5% | None (insured) | Large balances, easy access |
| Certificate of deposit (CD) | 4–5.5% | None (insured, locked in) | Fixed-term goals, no withdrawals |
| Index fund (stocks) | 7–10% historical avg. | Market risk | Long-term goals (5+ years) |
| Bond fund | 3–6% | Low–moderate | Medium-term, lower volatility |
Rates shown are approximate as of 2025 and vary by provider and country. Index fund returns are historical averages and are not guaranteed.