Savings Calculator
Project your savings growth with regular deposits, compound interest, and high-yield savings account rates. Free, no sign-up, results update as you type.
Details
Result
Ending Balance
$83,717
Total Deposits
$65,000
Interest Earned
$18,717
For estimation only. Not professional financial, tax, or legal advice. Consult a qualified advisor before making decisions. Full disclaimer.
High-yield savings vs big-bank savings
As of 2026, top HYSAs (Ally, Marcus, SoFi, Discover) pay 4-5% APY. Traditional big banks (Chase, Wells Fargo, BofA) pay 0.01-0.1%. On a $20k emergency fund: $1,000/yr vs $20/yr — a 50× difference with zero change in risk (both FDIC-insured up to $250k).
Savings vs CD vs T-bills
Savings: fully liquid, variable rate. CD: fixed rate, locked term (6mo-5yr), break penalty. T-bills: 4-week to 52-week, state-tax-free, backed by US Treasury. For emergency funds → savings. For "known-when-I-need-it" cash → CDs or T-bills ladder.
Common questions about Savings
What is a good high-yield savings rate in 2026?+
Top HYSAs offer 4-5% APY. Traditional banks pay 0.01-0.1%. The difference on a $10k emergency fund: $500/year vs $10/year.
Is savings interest taxable?+
Yes — taxed as ordinary income at your federal (and state) rate. A 22% bracket saver earning 4.5% APY effectively earns ~3.5% after tax. Still beats 0%.
HYSA vs CD vs Money Market — which is best?+
HYSA: 4%-5% APY, fully liquid, FDIC insured up to $250k. CD: 4.5%-5.5% APY, locked for 3mo-5yr, early withdrawal penalty. Money Market: 4%-5% APY, liquid with check-writing, FDIC insured. For emergency fund: HYSA (liquidity wins). For known-timing cash (down payment in 18 months): CD locks the rate. Money Market: rarely offers meaningfully better rates than HYSA in 2026 — HYSA is usually superior.
How much should I keep in savings?+
Emergency fund: 3-6 months of essential expenses (dual-income household can lean toward 3; single-income or self-employed toward 6-9). Short-term goals (1-3 years): keep in HYSA or short-term bond fund. Beyond that, move to tax-advantaged retirement accounts and diversified brokerage — savings accounts lose to inflation long-term. Rule: don't keep more than 12 months of expenses in cash. Excess should be invested.
Are online banks safe?+
Yes, if FDIC-insured. Top online HYSAs (Ally, Marcus, Discover, Capital One 360, Wealthfront Cash, Betterment Cash Reserve) are fully FDIC-backed up to $250k per depositor per bank. Many partner with multiple banks for higher effective insurance coverage (Wealthfront: $8M). Check the FDIC certificate number on bankfind.fdic.gov before depositing. Online banks offer 40-50x the APY of traditional brick-and-mortar banks — worth the switch.
Can I put emergency savings in a brokerage account instead?+
Not ideal. Emergency funds need instant liquidity and principal stability. Money market mutual funds in a brokerage come close (4.5%-5% yield, $1-2 day redemption) but aren't FDIC insured (SIPC protects against broker failure, not market loss). Better setup: 3 months of expenses in a HYSA for instant access, remaining 3 months in Treasury bills (via Vanguard/Fidelity) at 4.5%-5% fully exempt from state tax.