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Savings Rate Calculator

Savings Calculators | Savings Rate Calculator

(more calculators)

Even a small difference in the interest you are paid on your savings can add up over time. Use this 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.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

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For more information about this Plug-in please visit: SUN's Java™ Plug-in

Definitions

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.

Latest Banking Articles

CD laddering explained
By laddering your certificates of deposit (CDs) you can have a relatively constant flow of money to allow you to take advantage of current interest rates. Find out what CD laddering is, how it works, and ways you can use it to your advantage, even with modest amounts of money. Read more

Health savings accounts (HSAs) explained
Health savings accounts (HSAs), when matched with high deductible health plans (HDHPs), can help you control medical expenses. HSAs can be a wonderful supplement to certain health insurance programs for a few reasons. Read on for tips that should help you understand how to best use HSAs. Read more

Banking fact or fiction, part III
The banking industry seems to spawn more myths and lesser known facts than many others. Knowing the difference will save or make you more money. Here are some things to look for and/or avoid when dealing with a savings account, checking account, money market account, or certificate of deposit. Read more

All about certificates of deposit
Available since 1961, certificates of deposit didn't enjoy wide popularity until the mid-1970's, when inflation was rampant. Read on for an explanation of exactly what certificates of deposit are, how they work, and when you should consider purchasing one or more of them. Read more

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Latest Banking Tips

Online banking gaining popularity
A recent study showed an increase in the number of U.S. households that use some form of online banking. Will the trend continue? Read more

Always avoid late payments
It happens to everyone at some point in life. As soon as you know you can't cover all of the bills due, make a priority list. Read more

:: More Banking Tips

Banking FAQs

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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.

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