High-Yield Savings Calculator
Calculate your potential earnings from high-yield savings accounts. See how much you can earn from initial deposit, monthly contributions, and competitive interest rates.
Step 1: Savings Details
Compound Interest Formula
A = P(1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) – 1) / (r/n))
Where: A = Future value, P = Principal, r = Rate, n = Compounds per year, t = Time, PMT = Monthly contribution
Step 2: Account Type & Options
Current High-Yield Rates
Top High-Yield Savings: 4.0-5.5% APY
Money Market Accounts: 3.5-4.5% APY
CDs (1-year): 4.5-5.5% APY
Regular Savings: 0.01-0.5% APY
National Average: 0.42% APY
Savings Projection Results
Projected Future Value
Account Type Comparison
| Account Type | APY Range | 5-Year Value | Interest Earned |
|---|
Compound Interest Formula
A = P(1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) – 1) / (r/n))
Where:
• A = Future value of investment
• P = Principal investment amount (initial deposit)
• r = Annual interest rate (decimal)
• n = Number of times interest compounds per year
• t = Number of years the money is invested
• PMT = Monthly contribution amount
APY = (1 + r/n)^n – 1
Total Contributions = P + (PMT × n × t)
Interest Earned = A – Total Contributions
Example Calculation
Example: $10,000 at 5% APY for 10 years
Initial Deposit: $10,000
Monthly Contribution: $100
Annual Rate: 5% (0.05)
Compounding: Monthly (n=12)
Time: 10 years
Calculation:
P(1 + r/n)^(nt) = $10,000 × (1 + 0.05/12)^(12×10) = $16,470
PMT × (((1 + r/n)^(nt) – 1) / (r/n)) = $100 × (((1 + 0.05/12)^(120) – 1) / (0.05/12)) = $15,528
Total Future Value = $16,470 + $15,528 = $31,998
Total Contributions: $10,000 + ($100 × 120) = $22,000
Interest Earned: $31,998 – $22,000 = $9,998
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