High-Yield Savings Calculator

How to use this calculator

Enter the amount already sitting in your savings as the starting balance, then the account's APY (annual percentage yield) — most high-yield online savings accounts publish this figure right on their rates page. Add the monthly deposit you plan to make each month and the number of months you want to save for. The result updates instantly, showing your final balance, how much you deposited, and the interest the bank paid you on top.

How this is calculated

We convert the APY into an equivalent monthly growth rate, then grow your balance one month at a time. Each month we apply that month's growth and then add your deposit. Your final balance is the result after every month has been processed; total deposited is your starting balance plus all your monthly deposits; and interest earned is the difference between the two. Because APY already accounts for compounding, the monthly rate we use reproduces the quoted yield exactly over a full year.

Educational estimate, not financial advice — see our disclaimer.

A worked example

Say you open a high-yield savings account with $10,000, set up an automatic $200 transfer every month, and leave it for 24 months at a 4.5% APY. Over those two years you personally deposit $10,000 up front plus $4,800 in monthly transfers, for $14,800 of your own money. The account grows to roughly $16,000, meaning the bank paid you well over $1,100 in interest just for keeping your cash there. Park that same money in a typical checking account earning close to 0% and that interest simply never happens.

Why APY matters more than you think

The gap between a 0.01% national-average savings rate and a 4–5% high-yield account is enormous over time. On a $10,000 balance, a near-zero account earns about a dollar a year, while a 4.5% account earns around $450 in the first year alone. There is no extra risk and no lock-up for that difference — it is the same FDIC-insured deposit, just at a bank that chooses to share more of its earnings with customers. Shopping your APY is one of the highest-return, lowest-effort moves in personal finance.

Tips to get the most from a high-yield account

• Automate deposits — a standing monthly transfer keeps the balance growing without willpower.
• Watch for rate changes — savings APYs are variable and move with the broader rate environment, so check yours periodically.
• Mind any minimums or fees — the best high-yield accounts charge nothing and require no minimum balance.
• Keep it separate — holding savings at a different bank than your checking reduces the temptation to dip in.

A high-yield account is the natural home for cash you may need soon. Use our emergency fund calculator to size your safety net, and compare locked-in rates with our CD calculator for money you won't touch for a while.