Ally Savings Rate Calculator
The Ally Savings Rate Calculator helps you estimate how much interest you could earn on your savings with Ally Bank, considering their current savings account interest rates. This tool is designed to give you a clear picture of your potential earnings, allowing you to make informed decisions about where to keep your money. Understanding the impact of different deposit amounts and interest rates is crucial for maximizing your savings growth.
function calculateSavings() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var monthlyContribution = parseFloat(document.getElementById("monthlyContribution").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var numberOfYears = parseFloat(document.getElementById("numberOfYears").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(initialDeposit) || isNaN(monthlyContribution) || isNaN(annualInterestRate) || isNaN(numberOfYears)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (initialDeposit < 0 || monthlyContribution < 0 || annualInterestRate < 0 || numberOfYears <= 0) {
resultDiv.innerHTML = "Please enter positive values for deposits, rate, and years (years must be greater than 0).";
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var totalMonths = numberOfYears * 12;
var totalInterestEarned = 0;
var finalBalance = initialDeposit;
for (var i = 0; i < totalMonths; i++) {
var interestThisMonth = finalBalance * monthlyInterestRate;
totalInterestEarned += interestThisMonth;
finalBalance += monthlyContribution + interestThisMonth;
}
var totalContributions = initialDeposit + (monthlyContribution * totalMonths);
resultDiv.innerHTML = "
" +
"Initial Deposit: $" + initialDeposit.toFixed(2) + "" +
"Monthly Contributions: $" + monthlyContribution.toFixed(2) + "" +
"Annual Interest Rate: " + annualInterestRate.toFixed(2) + "%" +
"Time Period: " + numberOfYears + " years" +
"