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High Yield Savings Accounts Calculator
This high yield savings accounts calculator shows how a balance can grow at a high-yield APY you enter, with monthly deposits, and how that compares with a regular savings rate. Both default rates are hypothetical examples, not current bank offers.
How this savings calculator works
This is a hypothetical constant-rate projection in U.S. dollars. Enter an APY and positive monthly contributions; the example is not a bank offer.
How to use this high yield savings calculator
Enter a starting deposit, a monthly deposit, the APY printed by your bank, and a period from 1 to 600 months. The high-yield preset fills example rates only. Clear the comparison APY if you do not want a regular-savings comparison. Deposit timing chooses whether each monthly deposit earns interest in the month it is added.
How high-yield savings account interest works
g = (1 + APY / 100)^(1/12); end: B_next = B × g + C; beginning: B_next = (B + C) × g
A high-yield savings account pays a variable APY that already includes compounding, so this savings calculator does not ask for a separate compounding frequency. The monthly growth factor is (1 + APY / 100) raised to 1/12. End-of-month deposits use balance times that factor, plus the deposit. Beginning-of-month deposits add the deposit before growth. Use the APY calculator when you only have a nominal rate.
APY already includes annual compounding. We convert it to an equivalent monthly growth factor rather than compound the advertised APY again. Beginning-of-month contributions earn one additional month of interest relative to end-of-month contributions.
CFPB: interest rate and APY definitionsHigh-yield savings vs. regular savings: example
The loaded example is hypothetical: $1,000 to start, $200 each month, 4% APY against 0.4% APY, for 60 months, with deposits at month end. The result cards show the high-yield balance, total deposits, interest, the regular-savings balance, and the extra balance. Those figures come from the same function as the calculator, and they change when you edit an input. They are not a quote. A longer period widens the gap when the high-yield APY stays above the comparison rate, because each month's interest is added to the balance before the next month. A higher monthly deposit widens it too, but the deposit itself is not interest. If the comparison APY is equal or higher, the extra amount is zero and the page says so instead of showing a gain.
Total deposits equal the initial balance plus monthly contribution multiplied by months. Earned interest is ending balance minus deposits. At 0% APY a $1,000 initial balance plus $100 for 12 months ends at $2,200, with no interest.
SEC Investor.gov: compound interest calculatorThings that affect your HYSA earnings
Banks can change a high-yield APY, so a constant-rate result is an estimate. Standard FDIC deposit insurance is $250,000 per depositor, per insured bank, for each ownership category; NCUA insurance for credit unions uses the same standard amount. Interest is generally taxable and reported on Form 1099-INT. Minimum balances, fees, and transfer limits depend on the account agreement. Results here are before tax.
Rates are fixed for the full projection. Taxes, fees, inflation, withdrawals and daily deposit dates are excluded. Real savings-account rates can change. Growth retains precision; monthly displayed interest reconciles rounded balances without feeding rounding back into growth. Projections that exceed safe cent precision are rejected.
FDIC: deposit insurance coverageHYSA vs. CDs: which should you use?
A high-yield savings account stays accessible and its rate can move. A certificate of deposit can lock a rate, and an early withdrawal can cost a penalty. Compare a single deposit with the CD calculator, staggered maturities with the CD ladder calculator, and an exit cost with the CD early withdrawal penalty calculator. Savings are one part of net worth; the net worth calculator adds the rest.
Common questions
How do I calculate interest on a high-yield savings account?
Convert the APY to an equivalent monthly growth factor, apply it each month, and add each monthly deposit. This high yield savings accounts calculator does that for a constant rate. It is an estimate, not a bank quote.
Are the example rates current bank rates?
No. The 4% and 0.4% presets are hypothetical examples so the page can show a comparison. Enter the APY from your own bank. This tool does not fetch offers.
How much will $10,000 earn in a high-yield savings account?
It depends on the APY, the time, and any added deposits. With no further deposits, one year of growth is about $10,000 multiplied by the APY as a decimal, before tax. Enter your own APY in the calculator for a month-by-month schedule.
Is the APY on a high-yield savings account fixed?
Usually no. A bank can change a savings APY. This projection holds the rate you enter constant for the whole period, so treat the balance as an estimate.
What is the difference between APY and an interest rate?
APY already includes the effect of compounding. A nominal interest rate, sometimes called APR on loans, does not. Convert a nominal rate with the APY calculator, then bring the APY back here.
Is a high-yield savings account better than a CD?
Use a high-yield savings account when you may need the money. Use a CD when you can lock a rate for a term. The CD calculator, CD ladder calculator, and early withdrawal penalty calculator cover those cases.
Is money in a high-yield savings account insured?
Deposits at an FDIC-insured bank or NCUA-insured credit union are covered up to the standard $250,000 limit per depositor, per institution, per ownership category. Confirm that your institution is insured. This page does not check insurance for you.