Saving up money takes discipline, but it can be incredibly rewarding. Use this calculator to see how long it will take to reach your savings goal.
Saving up for a tropical getaway, a new car, or maybe even a house down payment?
It helps to have a savings game plan to know exactly when you'll reach your goal.
This calculator will tell you:
- The exact date you'll reach your savings goal
- How much you'll save in total
- How much interest your savings will earn
How Long Will It Take To Save
Find out how the savings calculator works and explore the best accounts to maximize your savings in this guide.
Compare Savings Accounts
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How much have you saved already?
How to calculate your savings goal
It's simple to calculate how long it'll take to save up your goal. Enter the following details into the calculator and you'll have your savings game plan.
- First, enter how much you currently have in savings. This is your starting point.
- Then, add your savings goal.
- Next, enter how much you plan to deposit into your savings regularly and how often you'll make deposits.
- Finally, specify an interest rate if your savings are earning interest.
Once you hit "Calculate," you'll also see a table of your savings progress, including how much you'll earn in interest and the total amount of money you'll have after each deposit.
Great! You've mapped out your savings plan. But what if you could reach your target even faster?
Accelerate Your Savings to $10k, $20k, $50k, and More!
Aiming to save $10k in 6 months? Or $50k in a year? Or maybe you're diligently saving bit by bit each month. A high-yield savings account can give you the turbo boost you need.
Why walk when you can sprint? Discover accounts that can get you to your goal faster:
Looking for a high-yield account? Check out these top options:
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - NexBank:
High-Yield Savings Account - 5.26% APY - UFB Secure Savings:
Earn up to 5.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.24% APY - First Community Bank:
High-Yield Savings Account - 5.24% APY - DR Bank:
High-Yield Savings Account - 5.23% APY - FVCbank:
High-Yield Savings Account - 5.23% APY - Nelnet Bank:
High-Yield Savings Account - 5.22% APY - Upgrade:
Premier Savings - Up to 5.21% APY - RBMAX:
High-Yield Savings Account - 5.15% APY
High-Yield Savings Premier - 5.36% APY
Start Saving
Details
Member FDIC
CIT Bank Platinum Savings - 5.00% APY
Start Saving
Details
Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
Start Saving
Details
Member FDIC
Online Savings Account - Earn 4.25% APY
Start Saving
Details
High Yield Savings Account - 5.24% APY
Start Saving
Details
Here's the difference when you use a high-yield account. See how your savings can grow a lot more, even over just a year.
Potential Earnings: High Yield Savings vs. Traditional Savings after 1 Year
| If you save... | High Yield Savings Earnings (5% APY) | Traditional Savings Earnings (0.05% APY) |
|---|---|---|
| $100/mo | $28 | $0.28 |
| $300/mo | $83 | $0.82 |
| $500/mo | $139 | $1.37 |
| $1,000/mo | $279 | $2.75 |
| $1,500/mo | $418 | $4.12 |
| $2,000/mo | $558 | $5.50 |
Savings accounts are risk-free. You have no danger of losing money in a savings account since they're insured by the FDIC up to $250,000.
How much should I be saving?
There's no single "best" way to save that will work for every person. Consider your monthly expenses and timeline to find the right savings plan for you.
In the meantime, here are a few popular saving/budgeting options to consider:
- 50/30/20 Budget: Your monthly after-tax income is split into the following categories: 50% for "needs" (like food, bills, and rent), 30% for "wants" (like entertainment or hobbies), and 20% is for saving.
Read more: 50/30/20 Calculator
- 80/20 Budget: 20% of your after-tax income is dedicated to savings, while the other 80% is split however you'd like among "needs" and "wants."
- Custom Budget: A customized budget that splits up your monthly earnings based on your specific expenses, debt, and personal spending.
- Automated Budgeting Tools: Apps or websites that budget for you. Many of these online budgeting tools can also be customized as much (or as little) as you'd like.
How long will it take to save?
Looking for a quick takeaway for your savings timeline? Review the table below to see how long it would take you to save up your goal.
Note: This table assumes you start at $0 and doesn't include any interest. Putting your deposits into an high-yield savings account will help you save up even faster.
| Savings Goal | If You Saved $200/month | If You Saved $300/month | If You Saved $400/month |
|---|---|---|---|
| $5,000 | 25 months | 17 months | 13 months |
| $10,000 | 50 months | 34 months | 25 months |
| $20,000 | 100 months | 67 months | 50 months |
| $30,000 | 150 months | 100 months | 75 months |
| $40,000 | 200 months | 134 months | 100 months |
| $50,000 | 250 months | 167 months | 125 months |
| $60,000 | 300 months | 200 months | 150 months |
| $70,000 | 350 months | 234 months | 175 months |
| $80,000 | 400 months | 267 months | 200 months |
| $90,000 | 450 months | 300 months | 225 months |
| $100,000 | 500 months | 334 months | 250 months |
Supercharge your savings with these excellent savings accounts:
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - NexBank:
High-Yield Savings Account - 5.26% APY - UFB Secure Savings:
Earn up to 5.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.24% APY - First Community Bank:
High-Yield Savings Account - 5.24% APY - DR Bank:
High-Yield Savings Account - 5.23% APY - FVCbank:
High-Yield Savings Account - 5.23% APY - Nelnet Bank:
High-Yield Savings Account - 5.22% APY - Upgrade:
Premier Savings - Up to 5.21% APY - RBMAX:
High-Yield Savings Account - 5.15% APY
What are you saving money for?
Best places to keep your savings
Ideally, your savings should be stashed somewhere that is safe and has a reasonable interest rate. Here are a few common savings vehicles to consider:
A high-yield savings account: Usually offered by online banks, these accounts offer higher interest rates and minimal fees.
- What savings account should I put my savings in?
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC
Learn More
Member FDIC
CIT Bank Platinum Savings - 5.00% APY
- 5.00% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Learn More
Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Learn More
A certificate of deposit: Unlike a normal savings account (where you can deposit and withdraw funds), CDs require you to deposit a fixed amount of money for a fixed amount of time.
- What CD should I put my savings in?
Member FDIC
Certificate of Deposit
- 4.70% APY for 12-month term
- 4.40% APY for 18-month term
- 3.75% APY for 36-month term
- 3.75% APY for 5-year term
Learn More
Member FDIC
CIT Bank No Penalty CD - 3.50% APY
- 3.50% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
Get Deal
Member FDIC
CD Rates - Up to 5.05% APY
- $500 minimum opening deposit
- FDIC insured
Term CD Rates 6 Month 5.05% APY 12 Month 4.50% APY 24 Month 4.50% APY 36 Month 4.40% APY 60 Month 4.30% APY Learn More
A money market account: These are like a hybrid of a savings and a checking account. Unlike most online savings accounts, MMAs come with check-writing abilities and an ATM card.
- What money market account should I put my savings in?
Member FDIC
UFB Secure Money Market - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools
- Enjoy peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
Learn More
Money Market Deposit Account - 5.23% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
Get Deal
Money Market Deposit Account - 5.21% APY
- No fees
- $1 minimum deposit
- 24/7 online access to funds
- FDIC insured
Get Deal
An investment account: This could be anything from a Roth IRA to a standard brokerage account. This is better for long-term savings goals and comes with more risk.
Tips for Reaching Your Savings Goal Faster
Saving up takes time, so it pays to be patient. However, there are a few tricks you can try to reach your savings goal faster.
- Automate your savings:
Set up a regular auto-deposit from your bank account into a savings account with automatic savings apps. - Save bonuses and tax refunds:
If you get a bonus at work or a generous tax refund, think about adding it to your savings goal instead of spending it. It may be difficult, but you'll be glad you did it. - Try using cash back apps:
Cash back apps earn you cash back on your everyday purchases, from gas to groceries to eating out. When you've earned enough, cash out and transfer to your savings. - Cut down on fixed expenses:
It's easier than you might think. This article on saving money includes 100+ ideas for cutting down on expenses, some requiring surprisingly little work.
Savings Account You May Like
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC
Learn More | Read Review |
Bottom Line
No matter your goal or how long your timeline is, saving up money is all about patience and consistency. With a tool like this calculator, you can see how your savings will add up over time. Before long, you'll have saved up a nice chunk of change.
Holly Zorbas is a assistant editor at CreditDonkey, a bank comparison and reviews website. Write to Holly Zorbas at holly.zorbas@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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