Calculate future savings balance by initial deposit, monthly contribution, APY, and time.
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After 10 years at 4.50% APY
| Initial Deposit | $1,000 |
|---|---|
| Total Contributed | $61,000 |
| Interest Earned | $16,166 |
| Final Balance | $77,166 |
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Future value of a series formula: FV = P(1+r)^n + PMT × [((1+r)^n − 1) / r], where P = initial deposit, PMT = monthly contribution, r = monthly rate, n = months.
Use your actual savings account APY. National average HYSA is 0.46% (FDIC). Top HYSA accounts offer 4.25-4.75% APY. Check the live Fed funds rate above for context.
Savings — specifically a high-yield savings account (HYSA). Traditional checking pays 0.01% APY. HYSA pays 4-5% APY. On $10,000 over 5 years, that's a $2,500+ difference for doing nothing.
No — this is nominal growth. For real purchasing power, subtract CPI inflation (~2-3% annually). See our Inflation Impact Calculator to adjust.
Every formula on this page traces to a federal agency, central bank, or peer-reviewed institution. We cite the rule-makers, not secondhand blogs.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.