Determine how much you can save to secure your financial future.
It can be a struggle to take those first moves to begin saving for the future. The first step is deciding how much you need to sock away to meet your goals, and an interest calculator can help forecast your finances and help you plan for any unexpected bumps in the road there.
Calculate your savings
With so many types of savings accounts on the market, it can be hard to know which savings account is right for you. Once you’ve determined your savings style and have an idea of how much money you can put away weekly or monthly, use our interest calculator to compare rates and see the difference they can make to your savings goals.
To use this calculator, you’ll need to input:
- The initial amount you’ll deposit into your account. This can be $0.
- The amount you’ll deposit each week or month.
- The interest rate you’ll earn.
- The number of years you plan to save.
The calculator totals the amount of money you’ll have at the end of the savings term, along with a breakdown of how much of the total is interest compared to how much you’ve deposited.
Calculate how compound interest affects CDs
Certificates of deposit allow you to lock in a certain amount of money at a specified rate for an agreed period of time, usually between 3 months and 10 years. This calculator will illustrate how much interest you’ll earn during this time depending on how often it’s compounded. To use it, you’ll need to know the interest rate you’re going to earn, how much you’re depositing and the length of time you’ll be locking your money away.
Why use a calculator?
Calculators are a fast, accurate way to predict how your money grows over time. They can also help you realize what you spend your money on each month so you can identify how to improve your spending.
Remember that a calculator is only as accurate as the information you put into it. If you don’t accurately represent your spending patterns, your results won’t be accurate. Be honest about what you’re willing to set aside each week or month to get an accurate projection.