Savings Account & APY Calculator
Calculate how much interest your savings will earn based on APY, initial deposit, and regular monthly contributions.
Your data stays in your browser. Nothing is stored or sent to any server.
Enter Your Details
$0
Total Balance
$0
Total Deposits
$0
Interest Earned
$0
Monthly Interest (at end)
Understanding APY
APY (Annual Percentage Yield) reflects the total interest earned in a year including compound interest. A 4.5% APY on $10,000 earns $450 in the first year. With monthly compounding, you earn slightly more than a simple 4.5% because interest earns interest each month. High-yield savings accounts currently offer 4-5% APY — significantly more than traditional banks (0.01-0.5%). Compare your savings growth with our Compound Interest Calculator for longer projections.
Frequently Asked Questions
What is a good savings account APY in 2026?
High-yield savings accounts from online banks offer 4-5% APY. Traditional brick-and-mortar banks typically offer 0.01-0.5%. The difference on $10,000 is $450 vs $5 per year.
Is my savings account interest taxable?
Yes, savings account interest is taxed as ordinary income. You'll receive a 1099-INT for interest over $10. Factor this into your effective return.