ConvertOnlineSavings Calculator with Monthly Deposits
Report source: https://convertonline.org/calculators/savings-calculator
Estimate how an initial deposit and monthly savings plan could accumulate. Add an annual increase to model gradually raising the amount you save.
Private calculation. Your entries and results stay in this browser and are not uploaded to ConvertOnline.
Savings Calculator
Projected savings balance
Annual schedule
| Year | Age or phase | Salary | Starting balance | User contribution | Employer contribution | Withdrawals | Growth | Ending balance |
|---|
Savings Calculator formula
The selected compounding frequency converts the nominal annual interest rate into an equivalent monthly rate. Each monthly deposit is added before or after interest according to the selected timing.
Bank advertisements often quote annual percentage yield (APY). Use the account’s nominal rate and compounding frequency here rather than entering APY as a nominal rate.
Assumptions and limitations
- The nominal annual interest rate and compounding frequency remain unchanged.
- The monthly deposit increases once at the beginning of each year after the first year.
- Deposits are made at the chosen monthly timing and no withdrawals occur.
- Account fees, taxes, rate tiers, and deposit limits are excluded.
Worked example
Example: increasing a $250 monthly deposit
Begin with $5,000, deposit $250 at each month end, raise that deposit 3% each year, and assume a 4% nominal rate compounded monthly for five years.
The projected balance is about $23,663.01, including approximately $20,927.41 in deposits and $2,735.60 in interest.
Frequently asked questions
Is nominal interest the same as APY?
No. A nominal rate does not include the effect of within-year compounding, while APY does. Match this input to the nominal rate in the account disclosure.
When does the monthly deposit increase?
The selected percentage is applied once at the beginning of each new projection year after year one.
Can I model a savings account with no interest?
Yes. Enter 0% to see how the initial deposit and monthly deposits accumulate without interest.
This calculator provides an estimate for planning and education. Actual returns, rates, plan terms, taxes, fees, and future rules may differ.