Savings Account Growth Calculator
Calculate your savings account growth with our comprehensive calculator. Estimate future savings based on initial deposit, monthly contributions, interest rate, and time period.
Step 1: Savings Details
Understanding Savings Growth
Regular contributions and compound interest can significantly grow your savings over time. Even small monthly contributions can add up to substantial amounts when given enough time to grow.
Step 2: Interest & Growth Details
About Compound Interest
Compound interest is interest calculated on the initial principal and also on the accumulated interest of previous periods. The more frequently interest is compounded, the faster your savings will grow.
Savings Growth Results
Future Value of Your Savings
Interest Rate Comparison
| Interest Rate | Future Value | Total Contributions | Interest Earned |
|---|
Yearly Growth Breakdown
Compound Interest Formula
A = P(1 + r/n)^(nt) + PMT × (((1 + r/n)^(nt) – 1) / (r/n))
A = Future value of investment
P = Principal investment amount (initial deposit)
PMT = Monthly contribution amount
r = Annual interest rate (decimal)
n = Number of times interest is compounded per year
t = Number of years the money is invested
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