Banks made progress with overall customer satisfaction in the past year despite declining satisfaction with fees, J.D. Power and Associates said in a recent report. Read more
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Even a small difference in the interest you are paid on your savings can add up over time. Use this savings rate calculator to see how different savings rates can impact your savings strategy. This calculator can also show you how deposits at the start of each month, compared to the end of the month, can impact your savings balance.
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Starting amount The starting balance or current amount you have invested or saved. If you haven't started saving yet, set the amount to "$0". Additional contributions The amount that you plan on adding to your savings or investment regularly. Years The total number of years you are planning to save or invest. Annual percentage yield (APY) The annual rate of return for each savings account. The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2007, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.4% per year (source: www.standardandpoors.com). During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank can pay as little as 1% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge. |
| Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation. |
This savings rate calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the savings rate calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.
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Consistent investments over time can be an effective strategy to accumulate wealth. Put this savings strategy to work for you.
