Savings Calculator
Plan how your savings accumulate over time with recurring deposits, annual contribution increases, and optional tax on interest earned.
Savings Growth Calculator
Project savings balance from an initial deposit, annual and monthly contributions, and interest rate with optional tax.
Formulas
A = P(1 + r/n)nt + deposits
Net interest = gross interest × (1 − tax)
Net interest = gross interest × (1 − tax)
How to use this savings calculator
- Initial deposit: Enter your current savings balance or starting lump sum.
- Contributions: Set annual and monthly deposit amounts, plus yearly increase percentages for each.
- Rate & compounding: Enter the interest rate, compounding frequency, and savings timeline in years.
- Tax (optional): Add a tax rate on interest if your account earnings are taxable.
- Review schedule: See ending balance, a breakdown chart, and year-by-year accumulation details.
Savings accumulation formulas
Balancet = Balancet−1 × (1 + r/n) + Depositst
Net interest = Gross interest × (1 − tax rate)
Contributions increase each year by the annual and monthly increase percentages. Tax is applied to interest earned each period, reducing the amount reinvested.
Example: $20,000 initial deposit plus $5,000/year (increasing 3% annually) at 3% for 10 years grows to roughly $90,000 before additional monthly deposits.
Real-world uses
- Emergency fund: Track progress toward a 3–6 month expense target.
- High-yield savings: Compare growth across different APY and compounding options.
- Annual bonuses: Model lump-sum deposits with yearly increases as income grows.
- Taxable accounts: Estimate the impact of interest income tax on net savings growth.
Frequently Asked Questions
Each year, the annual and monthly contribution amounts increase by the percentage you specify. A 3% annual increase on a $5,000 deposit means $5,150 in year two, $5,305 in year three, and so on.
Tax is deducted from gross interest each period before it is added to the balance. Set tax to 0% for tax-advantaged accounts or tax-free savings products.
Annual contributions are added once per year at the start of each year. Monthly contributions are added at the end of each month. All deposits earn compound interest afterward.
Use the savings calculator for conservative accounts with contribution increases and tax on interest. Use the investment calculator for higher-return portfolio projections with beginning/end contribution timing.