Compare Savings Accounts Rates
Enter account information and click Calculate to see results
Comparison chart will appear here
• Earn interest on your deposits
• FDIC insured up to $250,000
• Easy access to funds
• Low risk compared to investments
• Interest rates may change
• May have minimum balance requirements
• Withdrawal limits may apply
• Inflation may reduce purchasing power
| Date | Initial Deposit | Monthly Deposit | Years | Best Account | Final Balance | Currency | Actions |
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Simple Guide to Our Savings Account Comparison Calculator
Learn how to find the best savings account for your money with easy explanations, real examples, and simple formulas
Welcome to our simple guide! I'm going to explain everything about our Savings Account Comparison Calculator in plain English. No confusing financial jargon - just clear explanations that anyone can understand.
Try the Calculator First
The best way to understand is to try it! Click below to open the calculator and follow along with this guide.
What This Calculator Does
Imagine you have some money saved up. You want to put it in a savings account to earn interest (extra money the bank pays you). Different banks offer different interest rates. This calculator helps you compare:
- How much money you'll have in the future
- Which account gives you the most money
- How adding money regularly affects your savings
Why This Calculator Is Useful
You could put $10,000 in a regular savings account at 0.5% interest, or in a high-yield account at 3.5% interest. Over 5 years, that's a difference of about $1,500! This calculator shows you exactly how much difference your choice makes.
Understanding Each Field (Simple Explanations)
1. Initial Deposit
What it is: The money you start with. This is the amount you're putting into your savings account right now.
Example: If you have $5,000 saved up that you want to put in the bank, that's your initial deposit.
2. Monthly Deposit
What it is: How much extra money you'll add to your savings each month.
Example: If you can save $200 from each paycheck and get paid twice a month, you might set this to $400.
Pro Tip
Even small monthly deposits add up! Saving just $50/month for 10 years at 3% interest gives you over $7,000!
3. Time Period (Years)
What it is: How long you plan to leave your money in the savings account.
Example: If you're saving for a down payment on a house in 3 years, you'd enter "3". If you're saving for retirement in 20 years, you'd enter "20".
4. Account Interest Rate (APY)
What it is: The percentage the bank pays you each year for keeping your money with them.
Example: A 2.5% APY means if you have $1,000, you'll earn $25 in interest in one year.
Real Example
Regular savings account: 0.5% APY
High-yield savings account: 3.5% APY
Difference on $10,000 in 5 years: About $1,500 more with the high-yield account!
5. Compounding Frequency
What it is: How often the bank calculates and adds interest to your account.
- Daily: Interest calculated every day (best option)
- Monthly: Interest calculated once a month
- Quarterly: Interest calculated every 3 months
- Annually: Interest calculated once a year
The Magic Formula: Compound Interest
This is the secret sauce that makes your money grow! Here's the simple explanation:
Compound Interest Formula (Simple Version)
Money grows because:
1. You earn interest on your original money
2. You earn interest on the interest you already earned
3. This creates a snowball effect - your money grows faster over time
Visual Example
Imagine you have $1,000 at 10% interest:
- Year 1: $1,000 + $100 interest = $1,100
- Year 2: $1,100 + $110 interest = $1,210
- Year 3: $1,210 + $121 interest = $1,331
Notice how the interest gets bigger each year? That's compound interest!
The Actual Formula
A = P(1 + r/n)^(nt)
Don't worry about memorizing this! Our calculator does all the math for you. But if you're curious:
- A = Final amount (money you'll have)
- P = Principal (starting money)
- r = Annual interest rate (as a decimal)
- n = Number of times interest compounds per year
- t = Number of years
How to Read Your Results
1. Comparison Table
Shows all your accounts side by side. Look for:
- Which account has the highest "Final Balance" - That's your best option!
- How much interest each account earns - The extra money the bank pays you
- The "(Best)" label - Our calculator automatically shows you the winner
2. Comparison Chart
The colorful bars show you:
- Blue bars: Your total final balance for each account
- Light blue bars: Just the interest you earned (the extra money)
- Taller bars = more money!
Cool Features You'll Love
Multiple Currencies
Live in the US? Use dollars. In Europe? Use euros. We support 9 different currencies! The calculator automatically converts and shows everything in your chosen currency.
Auto-Save
Start filling out the calculator and need to take a break? No problem! It automatically saves your work. Come back later and everything will be exactly as you left it.
Calculation History
Want to compare different scenarios? Save each calculation to history. You can load them back anytime to compare "what if" situations side by side.
Export Results
Need to show your results to someone? Save them as PDF, HTML, or text files. Perfect for sharing with family, financial advisors, or just keeping for your records.
Frequently Asked Questions (15 Simple Answers)
APR is the simple interest rate. APY includes compound interest. Always use APY for savings accounts - it shows you the real growth!
Check bank websites or financial comparison sites. As of 2023, high-yield savings accounts offer 3-5%, while regular accounts offer 0.1-0.5%.
In most countries, yes! In the US, FDIC insurance protects up to $250,000 per bank. In the UK, FSCS protects up to £85,000.
It means you earn interest on your interest. Like a snowball rolling downhill - it gets bigger because it picks up more snow (interest) as it goes.
Daily is usually better because your money starts earning interest on interest faster. But the difference is small - focus more on getting a higher interest rate.
Most savings accounts let you withdraw money, but some have limits (like 6 withdrawals per month in the US). Check your bank's rules.
Some accounts have monthly fees if your balance drops below a certain amount. Look for "no-fee" accounts - they're common with online banks.
Just a fancy name for a savings account that pays higher interest than regular ones. They're often online-only banks with lower overhead costs.
Very accurate! We use the exact formulas banks use. The only thing that might change is if your bank changes its interest rate.
Yes! Just enter your retirement timeline (like 30 years) and see how your savings could grow. For retirement, also consider investments that might grow faster.
That's fine! Set "Initial Deposit" to $0. The calculator will show you how much you can build up just from monthly deposits.
Interest rates change. Check every 6-12 months. If rates go up, you might want to switch to a different bank.
Some banks require $100 or more to open an account. Others have no minimum. Check with the bank you're considering.
In most countries, you pay taxes on interest earned. The calculator shows gross earnings - you'll keep slightly less after taxes.
Yes! Click "Add Account" as many times as you want. Compare 3, 5, even 10 different accounts at once!
Quick Learning Summary
- Higher interest rates = more money for you
- More time = more compound interest magic
- Regular deposits = faster growth
- Daily compounding = slightly better than monthly
- Comparison = finding the best deal for your money