Savings Account Calculator
Calculate how much you'll earn with a high-yield savings account
Total Balance
$12,967.39
After 12 months at 5% APY
Total Deposited
$12,400.00
Interest Earned
$567.39
APY vs APR
5% APY equals approximately 4.89% APR with monthly compounding. Learn more →
Average Savings
0.46% APY
$12,451.16
+$51.16
High-Yield Savings
4.5% APY
$12,909.52
+$509.52
Top HYSA Rate
5.25% APY
$12,996.42
+$596.42
Switching from average savings to a HYSA could earn you an extra $458.36 over 12 months!
Understanding Savings Accounts
APY (Annual Percentage Yield) is the real rate of return on your savings account, taking into account compound interest. It's the number you should compare when shopping for savings accounts.
A higher APY means more interest earned. The national average savings APY is just 0.46%, while high-yield savings accounts offer 4-5%+ — that's 10x more earnings!
| Feature | Regular Savings | High-Yield Savings |
|---|---|---|
| APY | 0.01% - 0.50% | 4.00% - 5.50% |
| FDIC Insured | ✓ | ✓ |
| Minimum Balance | Often required | Usually $0 |
| Access | Branch + Online | Online only |
- ✓Shop for the best APY — Online banks typically offer higher rates than traditional banks
- ✓Set up automatic transfers — Consistent monthly deposits add up over time
- ✓Keep an emergency fund — 3-6 months of expenses in a HYSA
- ✓Check for fees — The best HYSAs have no monthly fees