How Much Will $10,000 Make in a High-Yield Savings Account?

Money Saving Concept.
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As the saying goes, it takes money to make money, and when you have enough money in your checking account to cover the essentials, it may be time to consider what your savings account looks like — and if it is the best one for your buck.

If you have $10,000 in a high-yield savings account with a 3.00% APY, you can expect to earn $300 in interest over the span of one year, but there’s more to it than that. Comparison shopping always helps. Many financial institutions, credit unions and banks offer varying annual percentage yields, or APYs, so make sure all your saved dollars and cents add up.

What Is a High-Yield Savings Account?

A high-yield savings account is considered to be an account that earns high interest and better savings rates. This type of savings account gives you much more financial growth than a standard savings account, as the interest earned is higher than the national average.

Many financial institutions, brick-and-mortar banks, online banks and credit unions offer regular or online high-yield savings accounts. The interest you earn on your account depends on the balance of your account, as well as the specific interest rate your bank offers. Essentially, interest is money the bank pays into your account over time based on these two factors, so the percentage will vary from bank account to bank account.

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High-Yield Savings Account Calculator

Regular or online high-yield savings accounts work faster for your financial growth. Here are some examples of what your money would make over time if you put a $10,000 initial deposit in high-yield savings account over one year. These estimates are based on common APYs you may find. 

Estimated Earnings Over 1 Year 

APY Estimated Earnings on $10,000 Account Total
3.50% $350 $10,350
3.75% $375 $10,375
4.00% $400 $10,400
4.25% $425 $10,425

Compound Interest

Compound interest is when you earn interest on accumulated interest, which helps your money grow even faster. Higher interest rates, combined with compound interest, also help this exponentially in a high-yield savings account as compared to a traditional savings account. If you don’t have a savings calculator, the next best thing is to know how to figure it out yourself with this formula.

Compound Interest Formula

A = P(1+r/n)(nt)

  • A is the total that your account will be worth at the end of the term, including the amount you put in.
  • P is the principal, or the amount you deposited when you opened the account.
  • R is the rate, or annual interest rate, expressed as a decimal. If the interest rate is 1.25% APY, r is 0.0125.
  • n is the number of times that interest in compounded every year. If the interest is compounded daily, n = 365; if it is compounded monthly, n = 12. Check with your bank to verify how often the interest is compounded.
  • t is time, or the number of years you’ll be leaving the balance in the account.
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Other High-Yield Savings Account Factors

While the math is pretty straightforward as to what you can earn on your savings, many banks vary in their fees or minimum requirements. Here are questions to ask when looking for the right high-yield savings account for you:

  • What is the minimum balance requirement? If you can’t keep enough in the account to avoid fees, your interest may not add up to enough to offset the cost of the account.
  • Is there a minimum deposit requirement? Many banks require a specific amount to be deposited into the account right away.
  • What are the monthly service fees? If you won’t be able to maintain that minimum balance requirement, it’s important to know how much you’ll be paying each month.
  • Are there any other fees? Savings accounts may come with fees for excess withdrawals, ATM use, paper statements and other miscellaneous services.

Final Take To GO 

Saving money is always the goal, so if you are ready to start doing so, make sure you find the right high-yield savings account to help your money grow faster.

Online banks tend to have the best rates on savings accounts, because they have lower overhead costs than other financial institutions, allowing them to offer higher APY on their accounts. Keep this in mind when looking to open an account.


Here are some quick answers to common questions about interest rates and high-yield savings accounts.
  • How much will $10,000 make in a high-yield savings account?
    • If your bank has a high-yield savings account offering 4.00% APY and you deposited $10,000 in that account, after one year you would have earned $400 in interest, giving you a total of $10,400.
    • Ultimately, how much $10,000 will make in a high-yield savings account depends on the APY your bank offers.
  • How do you calculate interest on a high-yield savings account?
    • If you want to calculate the monthly interest rate for your high-yield savings account, simply divide the APY your bank offers by 12. For example, a 3.50% APY would mean you earn a 0.29% monthly interest rate.
    • To calculate how much cash that generates, multiply your balance by the monthly interest rate.
  • Which bank gives 7% interest on a savings account?
    • Though some foreign banks offer 7% interest on savings accounts, 7% interest is not something U.S. banks offer.
  • Are high-yield savings accounts worth it?
    • Yes – if you are able to put some money aside and let it grow, high-yield savings accounts are a great way to earn interest on your money. Though other investments such as stocks and bonds may be more quickly lucrative, these savings accounts are risk-free and easy to put out of mind while collecting interest.
Maximize Your Savings Potential

Maximize Your Savings Potential

About the Author

Caitlyn Moorhead has written content for a variety of businesses and publications. After graduating from Central Michigan University cum laude, she moved to New York City where she wrote columns, articles and plays for several years before relocating to Austin, Texas in the fall of 2020.
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