Savings Calculator 2026
See exactly how much your savings will grow — or calculate how much you need to save each month to hit a specific goal. Compares HYSA, CD, and traditional accounts side by side.
Quick Answer
$5,000 + $300/month at 4.5% APY for 5 years grows to $30,568 — you deposit $23,000 and earn $7,568 in interest. The same deposits in a traditional 0.5% savings account yield only $23,294. Switching to a HYSA earns you $7,274 more on identical deposits.
Savings Details
Savings Results
Total Balance
$26,403
after 5 years at 4.5% APY
Total Deposited
$23,000
Interest Earned
$3,403
Account Type Comparison — Same Deposits
| Account | APY | Balance in 5yr | vs Traditional |
|---|---|---|---|
| Traditional Savings (~0.5%) | 0.5% | $23,350 | baseline |
| Online Savings / HYSA (~4.5%) | 4.5% | $26,403 | +$3,053 |
| 1-Year CD (~5.0%) | 5% | $26,819 | +$3,469 |
| Money Market (~4.2%) | 4.2% | $26,157 | +$2,807 |
Year-by-Year Growth
| Year | Balance | Deposited | Interest |
|---|---|---|---|
| Year 1 | $8,905 | $8,600 | $305 |
| Year 2 | $12,989 | $12,200 | $789 |
| Year 3 | $17,261 | $15,800 | $1,461 |
| Year 4 | $21,729 | $19,400 | $2,329 |
| Year 5 | $26,403 | $23,000 | $3,403 |
Assumes APY stays constant and interest compounds monthly. Interest is taxable in a regular savings account.
$300/Month Savings — Balance by APY & Years
Starting from $0. Monthly compounding.
| Years | 0.5% APY | 4.5% APY | 5.0% APY |
|---|---|---|---|
| 1 year | $3,608 | $3,682 | $3,691 |
| 2 years | $7,224 | $7,530 | $7,567 |
| 3 years | $10,848 | $11,558 | $11,635 |
| 5 years | $18,114 | $20,372 | $20,568 |
| 10 years | $36,941 | $45,474 | $46,588 |
| 20 years | $76,762 | $119,361 | $123,879 |
SoFi Checking & Savings
Earn up to 4.60% APY with no account fees, no minimums. Get $25 when you open and fund an account.
Frequently Asked Questions
How much will $10,000 grow in a high-yield savings account?
At 4.5% APY (typical HYSA in 2026) with no additional contributions: 1 year → $10,459. 3 years → $11,412. 5 years → $12,462. 10 years → $15,530. If you add $300/month at 4.5% APY: 5 years → $30,568 total (on $23,000 deposited). Compare that to a traditional savings account at 0.5% APY — same deposits over 5 years yield only $23,294. The HYSA earns $7,274 more on identical deposits.
How much should I save each month?
The standard rule is to save 20% of your net income (the 50/30/20 rule). For a $60,000/year salary ($4,000 take-home/month), that's $800/month. Prioritize in this order: (1) 401k match — free money, (2) emergency fund — 3–6 months of expenses in HYSA, (3) high-interest debt payoff, (4) Roth IRA up to $7,000/year, (5) brokerage or additional savings. Even $200/month at 4.5% APY for 20 years grows to $78,000.
What's the difference between APY and APR for savings accounts?
APY (Annual Percentage Yield) already accounts for the effect of compounding throughout the year — it's the actual return you earn. APR (Annual Percentage Rate) is the simple rate before compounding. For savings accounts, banks advertise APY because it's higher and shows the real return. At 4.5% APY compounded monthly: the underlying monthly rate is 4.5%/12 = 0.375%. After 12 months of compounding, $10,000 grows to $10,459 — exactly matching the 4.5% APY. For deposits, always compare APYs.
Is a high-yield savings account better than a CD?
It depends on your timeline and flexibility needs. In 2026: HYSA rates ~4.0–4.8% APY (variable, can change), 1-year CD ~4.8–5.2% APY (fixed, locked in). CDs pay slightly more but lock your money for the term — early withdrawal typically costs 3–6 months of interest. HYSAs are better for emergency funds and short-term savings where you might need access. CDs are better for money you won't touch for 1–5 years and want to lock in a rate.
How long does it take to save $20,000?
Starting from $0 at 4.5% APY: saving $200/month → 8.5 years. Saving $300/month → 5.5 years. Saving $500/month → 3.3 years. Saving $1,000/month → 1.6 years. Starting with $5,000 and saving $300/month at 4.5% APY: you reach $20,000 in about 3.5 years. The interest earned at 4.5% APY over 3–5 years is meaningful — roughly $1,000–$3,000 on a $20,000 goal — but the biggest lever is the monthly contribution amount.
What is the best savings account interest rate right now?
In 2026, the best high-yield savings accounts offer 4.0–4.8% APY (online banks: Ally, Marcus, SoFi, American Express). 1-year CDs: 4.5–5.1% APY. Money market accounts: 3.8–4.5% APY. Traditional bank savings (Chase, Bank of America): 0.01–0.5% APY. Online banks can pay 8–10× more than traditional banks because they have lower overhead. There's no good reason to keep an emergency fund in a 0.5% traditional savings account when HYSAs are available.
How does the 50/30/20 savings rule work?
The 50/30/20 rule divides your after-tax income: 50% to needs (rent, food, utilities, minimum debt payments), 30% to wants (dining, entertainment, hobbies), 20% to savings and extra debt payoff. On $5,000/month take-home: $2,500 needs, $1,500 wants, $1,000 savings. That $1,000/month at 4.5% APY for 5 years = $67,000 — enough for a down payment or 12 months of expenses. If 20% feels too aggressive, start with 10% and increase 1% each year.
Should I save or pay off debt first?
It depends on the interest rate: if your debt rate > savings rate, pay debt first. Credit cards at 20–25% APR: always pay off before saving (no savings account beats 20% guaranteed return). Student loans at 5–7%: roughly equal to HYSA/CD rates — do both simultaneously (minimum payments + some savings). Mortgage at 3–4%: save and invest alongside, since long-term investment returns often exceed mortgage rates. Exception: always keep a small emergency fund ($1,000–$2,000) even while paying off high-interest debt to avoid new debt from unexpected expenses.