About the High-Yield Savings Calculator
A high-yield savings account keeps your money safe and accessible while earning far more than a traditional account. This calculator projects the balance from your opening deposit, monthly additions, and the current APY.
How it’s calculated
Balance = P(1+i)^N + C·[((1+i)^N − 1) ÷ i], where i is the APY divided by 12, P the initial deposit, C the monthly deposit, and N the number of months.
Example calculation
A $5,000 opening deposit plus $200 a month at a 4.5% APY grows to about $19,700 in 5 years.
Frequently asked questions
Is a high-yield savings account safe?
At an FDIC-insured bank, deposits are protected up to the legal limit. The main catch is that the APY can change as interest rates move.
HYSA or a CD?
A HYSA stays liquid and its rate floats; a CD locks a fixed rate for a set term but penalizes early withdrawals. Use a HYSA for money you might need soon.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.