Bank Rate Savings Calculator
This calculator helps you estimate how much your savings will grow over time with a given annual interest rate and compounding frequency. It's a powerful tool for understanding the impact of compound interest on your financial goals, whether you're saving for a down payment, retirement, or any other long-term objective. Understanding how your money can grow can help you make informed decisions about your savings strategy.
Calculate Growth
Your Savings Growth:
Total Amount: —
Total Interest Earned: —
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 compoundingFrequency = parseInt(document.getElementById("compoundingFrequency").value);
if (isNaN(initialDeposit) || isNaN(monthlyContribution) || isNaN(annualInterestRate) || isNaN(numberOfYears) || isNaN(compoundingFrequency) ||
initialDeposit < 0 || monthlyContribution < 0 || annualInterestRate < 0 || numberOfYears <= 0 || compoundingFrequency 0) {
var futureValueAnnuity = monthlyContribution * ((Math.pow(1 + monthlyInterestRate, numberOfPeriods) – 1) / monthlyInterestRate);
totalAmount += futureValueAnnuity;
}
var totalInterestEarned = totalAmount – totalContributions;
document.getElementById("totalAmount").textContent = "$" + totalAmount.toFixed(2);
document.getElementById("totalInterest").textContent = "$" + totalInterestEarned.toFixed(2);
}
.calculator-container {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 15px;
}
.calculator-container p {
text-align: justify;
color: #555;
line-height: 1.6;
margin-bottom: 20px;
}
.calculator-inputs {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(200px, 1fr));
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.input-group input[type="number"],
.input-group select {
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1rem;
}
.calculator-container button {
display: block;
width: 100%;
padding: 10px 15px;
background-color: #007bff;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
.calculator-container button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 25px;
padding-top: 15px;
border-top: 1px dashed #eee;
background-color: #fff;
padding: 15px;
border-radius: 5px;
}
.calculator-result h3 {
margin-top: 0;
color: #333;
margin-bottom: 10px;
}
.calculator-result p {
margin: 8px 0;
color: #555;
font-size: 1.1rem;
}
.calculator-result span {
font-weight: bold;
color: #28a745; /* Green for positive results */
}