Savings Calculator
How long until you reach your savings goal?
Time to reach your goal
3 yrs 5 mo
A savings calculator answers two everyday questions: how long until I reach a goal at a given monthly deposit, and how much will my savings grow with interest over time.
Enter a starting balance, a regular deposit, the account's interest rate (APY), and either a target amount or a number of months. The tool projects the balance and the timeline to hit your goal.
Because savings accounts compound, part of your growth comes from interest on interest. The effect is modest at low rates but adds up, especially when paired with steady contributions.
How this calculator works
The calculator compounds your starting balance at the account's periodic rate and adds each deposit, letting every deposit earn interest for the remaining time. To find the months to reach a goal, it steps forward period by period, adding the deposit and the interest until the balance meets the target. The account's APY already reflects compounding, so it is the right rate to enter for a bank account. At typical savings rates, most of your progress comes from the deposits themselves, with interest providing a helpful but secondary boost.
What affects the number
- Deposit size and frequency are the main drivers of how fast the balance grows at ordinary savings rates.
- APY determines the interest portion; a high-yield savings account can pay many times more than a standard one.
- Time lets compounding work, though its impact is smaller over short horizons and at low rates.
- Starting balance gives compounding a head start and shortens the time to reach a goal.
- Withdrawals or missed deposits set the timeline back, since the balance stops growing on that money.
- Taxes on interest and any account fees reduce the effective yield slightly.
Frequently asked questions
What is the difference between APR and APY?
APR is the simple annual rate. APY (annual percentage yield) includes the effect of compounding within the year, so it is slightly higher and reflects what you actually earn. For savings accounts, compare APYs to see which truly pays more.
Where should I keep an emergency fund?
Most people keep three to six months of expenses in a high-yield savings account, where the money stays safe and accessible while earning meaningfully more than a standard account. The goal is liquidity and safety, not maximum return.
How much should I save each month?
A common target is to save at least 20% of income across goals, but the right number depends on your budget and timeline. This calculator lets you work backward: enter your goal and date to see the monthly deposit required, then adjust to fit.
Does interest make a big difference for short-term savings?
Over a few months, interest adds only a little, so your deposits do almost all the work. Over years, and at higher APYs, compounding becomes more noticeable. Either way, a high-yield account is worth using because the extra yield is essentially free.
This calculator provides general estimates for educational purposes only and is not financial, medical, legal, or tax advice. Your actual results depend on your specific situation and current rates.