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Thursday, January 16, 2014

Savings Calculator for Savings Accounts with Interest

Savings Calculator- How Much Will Your Savings Be Worth?

The bad news:  Interest rates on savings accounts are very low.  It is almost impossible to find a savings account with an interest rate of even 1%.

The good news:  You can still grow your money without risk in a safe savings account.  But how fast will your savings account grow?

The Savings Calculator calculates how much your savings account balance grows over time.  Just enter your investment time, your starting balance, and how much you save every month.  You can also adjust the interest rate (rate of return) and click "Compute".



Savings Calculator by Dr. Penny Pincher
How much will your savings grow?
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INPUTS
Enter Investment Time (years):
Enter Starting Investment Amount ($):
Enter Monthly Investment Contribution ($):
Enter Average Annual Rate of Return (%):
RESULTS
Amount Obtained in Current Dollars ($):

Savings Interest Calculator

With the default settings, the Savings Calculator will calculate how much money you will save in 10 years if you start with $1,000 and save $350 per month.  The interest rate of 0.85% on a savings account is pretty good right now, but you can find savings accounts at 0.85% interest, especially if you look online.  The Savings Calculator uses monthly compounding to calculate the interest on your savings account balance.

If you are interested in growing money faster than you can with a savings account, check out this Investment Calculator.  It is set up to show you typical returns from stock market investments, including effects of capital gains taxes.  However, when you move from a savings account to investing in stocks, you will lose the safety of knowing that you will not lose money from a bank account.  But with the interest rate so low, you might want to take some risk for the possibility of a much higher return.

With the Savings Calculator, you can try out some scenarios to see how your savings grows.  For example, you can check how fast your savings grows if you save $100 extra per month.  Is it worth moving to a different bank to get 0.25% more interest on a savings account?  You can use the Savings Calculator to find out how much your savings will grow.

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