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Savings Growth Calculator

Visualize how your savings will grow over time

Savings Details

Account Types

Common Savings Goals

$10,000 Goal1.6 years
$25,000 Goal5.5 years
$50,000 Goal10.9 years
$100,000 Goal18.8 years

Savings Projection

Final Balance$23,045
Total Deposits$20,000
Interest Earned$3,045
Effective Annual Return2.88%
Interest Growth
Your deposits will earn $3,045 in interest over 5 years, growing your money by 15.2%

Interest Rate Impact

1.0% APY$20,631
2.5% APY$21,625
4.0% APY$22,680
4.5% APY$23,045
5.0% APY$23,418
5.5% APY$23,799

Year-by-Year Growth

Year 1
$8,292
+$292 interest
Year 2
$11,736
+$736 interest
Year 3
$15,338
+$1,338 interest
Year 4
$19,105
+$2,105 interest
Year 5
$23,045
+$3,045 interest

Contribution Breakdown

Monthly Deposit$250
Annual Deposits$3,000
Total Over 5 Years$20,000

Savings Strategy Tips

Emergency Fund Priority

Build your emergency fund first in a high-yield savings account. Aim for 3-6 months of expenses in easily accessible funds before focusing on longer-term investments.

Automate Your Savings

Set up automatic transfers to your savings account right after payday. Treating savings like a bill ensures consistency and removes the temptation to spend the money elsewhere.

Shop for Better Rates

Online banks often offer higher interest rates than traditional banks. Even a 1% difference in interest rate can significantly impact your savings growth over time.