# Savings Calculator

> Project a savings balance from a starting deposit, monthly deposits that can rise each year, the interest rate, compounding and tax on interest.

Category: Finance · Applies to: Worldwide · Last updated: 2026-10-29
Interactive calculator: https://calculators.geekmidst.com/calculators/savings-calculator

See what regular saving adds up to. Each month the account earns interest on everything already in it, then your deposit is added.

Also called: Savings growth calculator, Savings account interest calculator.

## Inputs
- Initial deposit (default 10000; optional)
- Monthly deposit (default 200; optional)
- Increase deposits each year by (unit %; default 0; optional)
- Interest rate (per year) (unit %; default 4)
- Compounding (options: Yearly, Half-yearly, Quarterly, Monthly, Daily; default 12)
- Years (default 10)
- Tax on interest (unit %; default 0; optional)
- Currency

## Results
- Balance at the end
- Total deposited
- Interest earned (after tax)
- Tax on interest

## Formula

```
Each month: Balance = Balance × (1 + i) + Deposit, where i = (1 + r ÷ k)^(k ÷ 12) − 1, less tax × interest. Without tax or rising deposits: FV = P(1 + i)^n + D × ((1 + i)^n − 1) ÷ i
```

Where:
- P: initial deposit
- D: monthly deposit
- r: annual interest rate
- k: compounding periods per year
- i: equivalent monthly rate
- n: number of months

## Worked example
1. Monthly rate i = 6% ÷ 12 = 0.5%; n = 120 months.
2. Initial deposit: 1,000 × 1.005^120 = 1,819.40.
3. Monthly deposits: 100 × (1.005^120 − 1) ÷ 0.005 = 16,387.93.
4. Balance = 1,819.40 + 16,387.93 = 18,207.33, of which 13,000 was deposited.

**Result:** Saving $100 a month on top of $1,000 at 6% compounded monthly gives $18,207.33 after 10 years, including $5,207.33 of interest.

## What the result means

The gap between the two lines in the chart is interest. It is small at first and widens every year, so starting earlier matters more than the exact rate. Compare the balance with the Inflation Calculator to see what it will buy.

## Assumptions and limits
- The interest rate stays the same for the whole period.
- Deposits are made at the end of each month; a yearly increase applies from the start of each new year.
- Tax, if entered, is taken from the interest as it is earned.
- For yearly, quarterly or daily compounding the rate is converted to the equivalent monthly rate.
- Savings rates change; most accounts are variable.
- Inflation and account fees are not deducted.

## Questions

### Does compounding frequency make a big difference?

Not much at typical savings rates. At 4%, monthly compounding gives an effective 4.07% a year against 4% for yearly compounding. The rate and the time you leave the money matter far more.

### What is the difference between this and a savings goal calculator?

This page starts from what you deposit and tells you where you will end up. The Savings Goal Calculator starts from a target and tells you how much to deposit each month.

## Related calculators
- [Savings Goal Calculator](https://calculators.geekmidst.com/calculators/savings-goal-calculator)
- [Compound Interest Calculator](https://calculators.geekmidst.com/calculators/compound-interest-calculator)
- [CD Calculator](https://calculators.geekmidst.com/calculators/cd-calculator)
- [Inflation Calculator](https://calculators.geekmidst.com/calculators/inflation-calculator)

_This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ._

Source: GM¹X CalcVerse — https://calculators.geekmidst.com/calculators/savings-calculator