Free Savings Calculator
Use this free savings calculator to project how your money can grow over time. Enter your initial deposit, monthly contribution, annual interest rate, and compounding frequency to estimate your final balance, total contributions, and total interest earned.
Savings Calculator (Compound Interest)
Project your savings growth with flexible compounding and multi-currency support.
Year-by-year breakdown •
| Year | Starting balance | Contributions | Interest | Ending balance |
|---|
How to use this calculator
- Choose your currency (we support 50+ countries and currencies).
- Enter your Initial deposit and Monthly contribution
- Set the Annual interest rate and Compounding (Yearly, Monthly, or Daily).
- Select your Term (years) and click Calculate.
What's included
- Compound interest with your choice of yearly, monthly, or daily compounding.
- Monthly contributions added at the end of each month.
- Year-by-year breakdown and CSV export for your records.
- Multi-currency formatting so your results display naturally in your locale.
Tips for reaching your goal faster
- Increase your monthly contribution when you get a raise or bonus.
- Look for accounts with higher APY (but always review fees and conditions).
- Automate your savings on payday to make it effortless.
- Revisit your plan each quarter and adjust when needed.
FAQ
1. Is the interest rate APY or APR?
Enter the nominal annual rate from your institution; the calculator converts it to an effective monthly rate based on your compounding selection.
2. When are contributions applied?
Monthly contributions are added at the end of each month after interest is applied for that month.
3. What if my bank compounds quarterly?
Choose the compounding frequency that best matches your account. If quarterly is not listed, using monthly is typically a reasonable approximation.
4. Does this work for different currencies?
Yes. The calculator supports 50+ countries and currencies and formats the results using your selected currency.
5. Can I use this for retirement planning?
Yes. It's a useful way to visualize long-term growth, but it does not account for taxes, contribution caps, or investment risk.
Disclaimer: This tool provides estimates for educational purposes and is not financial advice. Always review your institution's terms and consult a professional if needed.