Savings Calculator

Calculate how your savings will grow over time with compound interest

Savings Growth Calculator

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Current average: 1-5% for savings accounts
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Historical average: 2-4%

Maximizing Your Savings Growth

US Savings Options:

  • High-Yield Savings: Online banks offering 4-5% APY (2024)
  • Money Market Accounts: Similar rates with check-writing privileges
  • Certificates of Deposit (CDs): 4-5% for 1-5 year terms
  • Treasury Bills: Government-backed, currently 4-5%
  • I Bonds: Inflation-protected, $10K annual limit
  • FDIC Insurance: Up to $250,000 per depositor per bank

Savings Strategies:

  • Emergency Fund: 3-6 months of expenses in accessible savings
  • Goal-Based Saving: Separate accounts for different objectives
  • Automatic Transfers: Set up recurring deposits
  • Laddering CDs: Stagger maturity dates for flexibility

Impact of Inflation:

Inflation reduces the purchasing power of your money over time. If your savings rate is below the inflation rate, you're effectively losing money. Consider inflation-protected investments for long-term goals.