How savings interest grows
Interest can compound on both the opening balance and prior interest. Regular contributions can become a larger part of the final balance than interest, particularly over shorter periods.
Use realistic assumptions
High-yield savings APYs are generally variable. Compare a lower-rate scenario as well as today’s advertised rate, and confirm fees, withdrawal limits, minimum balances and deposit-insurance coverage.
Savings calculator questions
Can the APY change?
Yes. Savings account APYs are commonly variable and may change after you open the account.
Are taxes included?
No. Interest may be taxable depending on your circumstances and jurisdiction.
Educational estimate only. Actual interest, fees, taxes, account terms and availability can differ.