The Forbes Advisor editorial team is independent and objective. Online Savings Account Promotions for 2021 With that same $5,000 initial deposit, 10-year savings period and 0.50% APY, now add in that you’ll faithfully contribute $100 per month.ĭo the math: By contributing $100 per month, or $12,000 over the 10-year period, you’d have $17,563 saved in 10 years: $17,000 principal and $563 earned interest.
You’ll need to check these details with your bank or credit union.ĭo the math: If you deposit $5,000, and make no additional deposits over the 10-year period, earning 0.50% APY, you’d have $5,256 saved in 10 years: your $5,000 deposit plus $256 earned interest. With a savings account, you may have a monthly or daily compounding frequency, which helps your money grow faster. The calculator’s default value for how often interest compounds is annually. Making a Single Depositįor this example, start with a $5,000 deposit that you plan to save for 10 years, earning 0.50% APY. Rate of return: the annual percentage yield ( APY) you’ll be paidĪlthough you’ll hear references in the marketplace to high-yield savings, in today’s low interest rate environment, many of the best online savings accounts pay in the neighborhood of 0.50% APY.Years to save: how long you plan to save this money.Starting amount: the amount of money you will deposit at the start.You can start with as few as three values: All other trademarks, trade names, or service marks used or mentioned belong to their respective owners.To get the most value from this compound savings calculator, gather the numbers you’ll need to input.
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