Savings Calculator
See what compound interest does to a monthly deposit over time. Use it for a high-yield savings account, a CD, or any account that pays a steady rate.
What compound interest actually does
Compounding means the interest you earn this month earns interest next month. Over short periods it is boring. Over decades it is the engine of every retirement account that worked.
Where to put cash savings in 2026
- High-yield savings (online). 4-5% APY, no minimums, FDIC-insured. The default for an emergency fund.
- CDs. Slightly higher rate in exchange for locking the money up. Useful for short-term goals where you know the date.
- Money market accounts. Similar to savings, sometimes with a debit card.
Big-bank checking and savings accounts pay near zero. Moving cash to an online savings account is one of the highest-leverage hours you can spend.