Savings Growth Calculator
See how your savings grow over time with regular contributions and compound interest.
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Frequently Asked Questions
How does compound interest grow savings?
Compound interest earns returns on both your principal and previously earned interest. At 4.5%, $10,000 grows to $10,450 after year 1. In year 2 you earn interest on $10,450, not just $10,000. Over 10 years this compounds to $15,530 — 55% growth on the original deposit. Over 30 years: $37,850 — nearly 4x. Adding regular deposits multiplies this effect dramatically.
Where should I keep short-term savings?
Best options for different goals: Emergency fund (under 1 year): high-yield savings account (currently 4-5% APY, FDIC insured, fully liquid). Short-term goals (1-3 years): CDs, Treasury bills, money market accounts. Medium-term (3-5 years): CD ladders, I-bonds, short-term bond funds. Never put money you need within 2 years in stock market investments.
What is the Rule of 72?
The Rule of 72 estimates how long it takes to double your money: divide 72 by the annual interest rate. At 4%: 72/4 = 18 years to double. At 6%: 12 years. At 9%: 8 years. At 12%: 6 years. This quick mental math tool helps evaluate investment options. It also works in reverse for inflation: at 3% inflation, purchasing power halves in 72/3 = 24 years.