Savings and bank interest calculator
What a savings account, high-yield savings account or money market account grows to, from its APY or its APR.
Savings and bank interest calculator
What a savings account, high-yield savings account or money market account grows to, from its APY or its APR.
$19,629.26
Balance
$17,000.00
You put in
$2,629.26
Interest earned
4.5%
APY
$225.00
First year's interest on the opening deposit
APY already includes compounding, so it is the number to compare between banks; an APR has to be converted (the APR and APY converter does it). Savings rates change: this assumes today's rate for the whole time. Interest is taxable income in the US, and deposits are insured by the FDIC (or NCUA at a credit union) up to $250,000 per depositor, per bank, per ownership category.
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