Compound interest visualizer
With Compound interestInterest that gets added to your balance, so next time you earn (or owe) interest on the interest too.More in the glossary, you earn interest on your savings and on the interest you already earned. Over time, that adds up.
Savings accounts pay very different rates. Compare two rates side by side. The rates filled in are examples. Use the rates your bank shows (often called the APY).
Your results
- At 4%
- $4,407.52
- At 0.01%
- $3,501.99
- Difference
- $905.53
After 10 years, you'd have $4,407.52 at 4% and $3,501.99 at 0.01%, a difference of $905.53.
Year by year
| After | You put in | At 0.01% | At 4% |
|---|---|---|---|
| 1 year | $800 | $800.06 | $825.46 |
| 2 years | $1,100 | $1,100.16 | $1,163.94 |
| 3 years | $1,400 | $1,400.28 | $1,515.96 |
| 5 years | $2,000 | $2,000.62 | $2,262.80 |
| 10 years | $3,500 | $3,501.99 | $4,407.52 |
What this means
- After 10 years, the same deposits grow to $4,407.52 at 4%, but only $3,501.99 at 0.01%. That's $905.53 more just from a better rate.
- You'd put in $3,500 in total. At 4%, the other $907.52 is InterestThe price of borrowing money. You pay interest when you borrow, and you can earn interest when you save.More in the glossary, and it grows faster each year because you earn interest on your interest.
- Look for a Savings accountA bank or credit union account for money you want to keep, not spend. It usually pays a little interest.More in the glossary with no monthly fee that's insured by the FDIC (at a bank) or the NCUA (at a credit union). Online banks and credit unions often pay more.
These are examples. Savings rates can go up or down at any time, so the real growth may be different.
Where to get free help
- Bank On certified accounts
Find a safe, low-cost bank or credit union account with no overdraft fees. Search by ZIP code or state.