What rate should I use for a savings account?

Use the annual percentage yield (APY) from your account if you have it. High-yield accounts and cash ISAs vary by country and bank.

Does this account for withdrawals?

No. It assumes you leave the balance and keep contributing at a steady monthly amount.

Finance

Project future savings from a current balance, monthly deposits, and an interest rate.

Future savings

$31,076.52

Share your result

Enter what you have now, how much you add each month, the annual interest rate, and how long you plan to save. Interest is compounded monthly.

Balance grows each month by adding the deposit, then multiplying by (1 + annual rate ÷ 12).

Save $250 each month from a $2,000 starting balance at 4% for 8 years and you reach about $29,000.

Percent of, change, and difference.

Exact age, totals, and next birthday.

Estimate investment growth over time.

Monthly payment and amortization summary.