High-Yield Savings Calculator — How Much Will You Earn?

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The number of years you add money to your savings is often proportional to how many years you can live comfortably after retirement. No matter what financial institution you choose, knowing what annual percentage yield you’ll earn on your accounts can help you make your decision. Keep reading to learn how a high-yield savings calculator can help you reach your goals.

About High-Yield Savings Calculators

To calculate interest on savings, you can use GOBankingRates’ savings calculator. Whether you are seeking higher interest rates, want to do some comparison shopping or just want to see if you are on track to reach your financial goals, a high-yield savings calculator can help you. It can come in handy with the following:

  • Determine the best monthly deposits for your account to reach your goals.
  • Find the number of years you will need to plan for retirement or savings for a house.
  • Calculate the growth over time for your account and what the compound interest will be.

How To Use a High-Yield Savings Calculator: Step by Step

To use the savings calculator, you can follow these steps:

  1. Navigate to the savings calculator site.
  2. Enter the amount of savings you currently have or plan to have.
  3. Input the interest rate.
  4. Enter the number of years your money will be in a savings account.
  5. Click on the green “Calculate” button.
  6. Your results will populate below.

How To Calculate Interest by Hand

Sometimes in this digital age, it is easy to forget that there are formulas you can use to calculate interest by hand. For this, you’ll need to know your principal balance and the interest rate you earn.

Once you know those, you can use this formula to calculate simple interest:

  • Principal X Interest rate = Total interest
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Most savings accounts pay compound interest though. To calculate how much you’ll have after a year, you will need to know a few things:

  • P is your account balance.
  • R is the interest rate you earn.
  • N is how often interest is compounded in a year at your financial institution.
  • T is the number of time periods that have passed or will pass.

When you have those numbers ready, use this formula to find your compound interest rate:

  • A = P(1+r/n)(nt)

How Much Should You Save Each Month?

After opening your savings account, you might wonder how much you should add to it monthly. It might help to break down your savings into percentages. This can be a useful budgetary system to help organize what you spend and save monthly. For example, you could try the 50/30/20 budget rule which uses the following formula for your monthly income:

  • 50% of your income is allocated to needs.
  • 30% of your income goes to wants.
  • 20% of your income is put into savings.

Spending vs. Saving per Month

Your savings account growth, no matter if it is just an emergency fund or an account for holiday spending, is directly related to how you prioritize spending vs. saving. Here is a sample breakdown of how to allocate your expenses per month:

Expense Recommended Percentage of Monthly Income
Housing or mortgage payments 25% to 35%
Food 10% to 15%
Medical, home or auto insurance 10% to 25%
Transportation or auto services 10% to 15%
Savings 15% to 20%
Health 5% to 10%
Clothing 5%
Entertainment and leisure 5% to 10%
Personal expenses 5% to 10%

How Much of Your Budget Should Go Towards Savings?

A good rule is to set aside 20% of your income for savings. To help you with this, you can break down your income into percentages. You can use the popular 50/30/20 budgeting rule. But if you need more flexibility, the percentages can be adjusted.

Some people opt for the 70/20/10 budget rule which would allocate 70% of your monthly income to spending, 20% to saving and 10% to debt repayment.

The bottom line remains that if you are saving somewhere in the ballpark of 20% each month, you are setting yourself up for success.

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Final Take To GO 

Taking some guesswork out of what you’ll earn on your savings could be the ticket to reaching both your short and long-term financial goals. With GOBankingRates’ savings calculator, you can see in real-time not only how much interest you will earn but also how many years it will take to get where you want to be. 


Here are the answers to some of the most frequently asked questions regarding savings accounts.
  • Where can I get 10% interest on my money?
    • No banks in the United States currently offer 10% interest. The best bet for you to earn 10% would be to invest in real estate, stock, bonds or other alternative investments.
  • What percentage of my income should go towards savings?
    • Most financial experts recommend putting at least 20% of your income toward savings each month. One way to help you budget for this is the 50/30/20 budgeting rule. This rule suggests you allocate your funds in the following way each month:
      • 50% of your income to needs
      • 30% toward discretionary spending
      • 20% toward savings
  • How do you calculate interest on a high-yield savings account?
    • To calculate interest on a savings account, you can use the GOBankingRates' savings calculator.
    • To use this calculator, you will have to input your initial savings amount, your interest rate and the number of years. Your interest earned will be generated below the green "Calculate" button.
  • How much will $10,000 make in a high-yield savings account?
    • The amount of money you'll make on $10,000 in a high-yield savings account depends on your APY and the number of years your money is in the account.
    • Here are a few examples of what you could earn:
      • If your account offers an APY of 3.50%, your initial deposit of $10,000 would earn $350 after a year. Your account total would be $10,350.
      • If you're earning an APY of 3.75%, your $10,000 deposit would earn $375 after a year. Your ending account total would be $10,375.
      • If your account offers an APY of 4.00%, your initial deposit of $10,000 would earn $400 after a year. Your account total would be $10,400.
      • If you're earning an APY of 4.25%, your $10,000 deposit would earn $425 after a year. Your ending account total would be $10,425.


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