How to read the result
Deposits show the cash you supplied; interest earned is the balance above those deposits. Goal progress compares the modeled balance at the selected horizon with the target amount.
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Savings interest and goal calculator
Estimate how a savings account grows from an opening balance, recurring deposits and APY. Compare deposits with interest earned and see when the balance may reach a selected goal.
How to use this calculator
- Enter the current account balance and the deposit expected at the end of each month.
- Use the account's advertised APY and choose a horizon or savings goal.
- Compare the estimated goal date with a lower APY because variable savings rates can change.
What this estimate does not capture
APY can change, and account fees, taxes, withdrawal limits and promotional-rate expiration are excluded. Confirm current terms with the institution.
UNDERSTAND THE NUMBERS
Deposits and interest play different roles in a short goal
Fixed educational example · independent of your inputs above. $ means US dollars; these are not current rate quotes or return forecasts.
Start with $5,000 and save $200 at each month-end for five years. Total deposits are $17,000. Compare constant APYs of 2% and 4%, before tax or account fees.
| APY assumption | Ending savings | Interest earned |
|---|---|---|
| 2% | $18,124 | $1,124 |
| 4% | $19,319 | $2,319 |
What the difference tells you
Both paths rely heavily on regular saving. To see the contribution effect separately, increasing the deposit by $50 adds $3,000 of principal over five years even before interest. Compare the rate difference in dollars rather than judging the plan from the rate alone.
Before drawing a conclusion
A promotional APY may not last for the full horizon. EconoPi assumes one constant annual yield and month-end deposits; it does not include withdrawal penalties, balance conditions, taxes or changing account rates.
A comparison to try
Enter the goal, then compare the advertised APY with a lower renewal rate. If the target is missed, change monthly savings before assuming the promotional rate continues indefinitely.
Compare longer horizons and purchasing power →References for this explanation
Prepared by EconoPi · examples and explanations reviewed September 19, 2026. Tables are our calculations under stated assumptions, not forecasts or recommendations by the referenced organizations.
Frequently asked questions
What is APY?
Annual percentage yield includes compounding and expresses the effective return earned over one year when the rate remains unchanged.
How are monthly deposits treated?
Interest is applied to the current balance and the recurring deposit is added at the end of each modeled month.
Can a savings APY change?
Yes. Most savings-account rates are variable, so the selected APY is a scenario rather than a guaranteed multi-year rate.
Does this include tax on interest?
No. Displayed interest is before any income tax, account fee or withdrawal penalty.
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