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Calculate how much your savings account will grow with compound interest. Enter your deposit, interest rate, and term to see your total balance with earned interest.
Most savings accounts compound interest daily or monthly. Using the formula A = P(1 + r/n)^(nt), a $10,000 deposit in a high-yield savings account at 4.5% APY compounded daily grows to $10,460 after one year, $11,502 after three years, and $15,669 after ten years. The difference between daily and monthly compounding on savings is typically small — about $1-3 per year per $10,000 — but it adds up over decades.
As of 2024-2025, high-yield savings accounts offer 4-5% APY, well above the national average of around 0.5%. Online banks and credit unions typically offer the best rates. Always compare APY (annual percentage yield), which accounts for compounding frequency.
Most savings accounts compound daily and credit interest monthly. Some compound monthly or quarterly. Daily compounding produces slightly more interest — about $4.50 more per year on a $10,000 balance at 4.5% compared to monthly compounding.
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