Deposit / Savings Calculator
See how your savings will grow over time.
What is a deposit/savings calculator and how does it work?
A deposit calculator uses compound interest to project how your savings will grow. You enter your initial deposit, annual interest rate, time period in years, and how often interest compounds. The formula A = P(1 + r/n)^(nt) computes the future value — showing how much your money will be worth at the end of the term, including all earned interest. It's an essential tool for planning savings goals, comparing bank offers, and understanding the power of compounding.
How to use the Deposit / Savings Calculator
Enter the initial amount you plan to deposit, the bank's annual interest rate, how many years you'll keep the money, and the compounding frequency. Click "Calculate" to instantly see the future value and total interest earned. Compare different rates and compounding options to find the best savings strategy.
Example calculation
If you deposit $5,000 at 3% annual interest for 10 years with monthly compounding, the future value would be approximately $6,720 — that's $1,720 in interest earned. The same deposit with annual compounding would yield about $6,610, showing how more frequent compounding boosts your returns.
Frequently Asked Questions
What's the difference between this and the compound interest calculator?
This calculator is specifically focused on bank deposits and savings accounts, using typical deposit scenarios. The compound interest calculator is more general and can be used for any investment. Both use the same mathematical formula, but this version is optimized for savings planning.
Does the calculator account for taxes on interest?
No, this calculator shows the gross interest before any taxes. Depending on your country and tax situation, you may need to subtract income tax or capital gains tax from the interest earned to see the net amount you'll actually receive.