High-Yield Savings Interest Calculator
How much does your money actually earn in a high-yield savings account? Enter a starting balance, monthly deposit, and APY to see a year-by-year projection of your interest and balance.
Maintained by TheFinanceSection · Methods and corrections
Final balance
$28,960
after 5 years
Total deposited
$25,000
your own money in
Interest earned
$3,960
free money from APY
| Year | Total deposited | Cumulative interest | Balance |
|---|---|---|---|
| 1 | $13,000 | $483 | $13,483 |
| 2 | $16,000 | $1,114 | $17,114 |
| 3 | $19,000 | $1,899 | $20,899 |
| 4 | $22,000 | $2,846 | $24,846 |
| 5 | $25,000 | $3,960 | $28,960 |
Assumes interest compounds monthly at the stated APY and deposits arrive at the end of each month. Savings rates are variable — banks can change your APY at any time.
What this calculator does
It simulates a savings account month by month: interest compounds on your balance at the APY you enter, and your monthly deposit is added at the end of each month. The results split your final balance into money you deposited versus interest the bank paid you, making it easier to compare different assumed yields.
Compare assumed yields
As an illustration, $10,000 held for one year earns $1 at 0.01% APY or $425 at 4.25% APY, before taxes and fees and with no deposits or withdrawals. These are assumptions, not current offers. Compare account fees, rate conditions, and deposit insurance coverage as well as APY.
Keep expectations honest
Savings APYs can change and do not necessarily track Federal Reserve rates one-for-one. Compare with our CD vs savings calculator. And to know whether your rate is beating inflation at all, check the inflation calculator.
Frequently asked questions
How much interest will $10,000 earn in a high-yield savings account?
With a constant 4.25% APY, $10,000 earns $425 over one year before taxes and fees, assuming no deposits or withdrawals. At an assumed 0.01% APY, it earns $1. These are examples, not current account offers.
How often do savings accounts compound interest?
Most compound daily and credit monthly. The advertised APY already includes the effect of compounding, so two accounts with the same APY earn the same regardless of compounding frequency.
Can my APY change after I open the account?
Yes — savings APYs are variable and banks adjust them whenever they like, usually tracking Federal Reserve rate moves. Only CDs lock a rate for a fixed term.
Is interest from savings accounts taxable?
Yes. Interest is taxed as ordinary income in the year it's credited; your bank sends a 1099-INT if you earn $10 or more. This calculator shows pre-tax earnings.
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