High-Yield Savings Calculator
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Total Savings
$0.00
Total Interest Earned
$0.00
Understanding High-Yield Savings
High-yield savings accounts (HYSAs) are a type of savings account that offer significantly higher interest rates compared to traditional savings accounts. These accounts are typically offered by online banks or credit unions, allowing them to keep overhead costs low and pass the savings onto customers in the form of better APYs (Annual Percentage Yields).
Why Choose a High-Yield Savings Account?
- Higher Returns: Earn more on your deposited money due to competitive interest rates.
- Safety: Most HYSAs are FDIC-insured (up to $250,000 per depositor, per insured bank, for each account ownership category), meaning your money is protected.
- Liquidity: While offering better rates, HYSAs still provide easy access to your funds, unlike certificates of deposit (CDs).
- Goal Achievement: Ideal for short-to-medium term financial goals like emergency funds, down payments, or vacation savings.
How the Calculator Works
This calculator estimates your future savings and the total interest earned based on your initial deposit, regular contributions, the annual interest rate, and the time period. It uses a compound interest formula, assuming interest is compounded monthly.
The Math Behind the Calculation:
The future value of an investment with regular contributions and compound interest is calculated using the following formula:
FV = P(1 + r/n)^(nt) + PMT * [((1 + r/n)^(nt) - 1) / (r/n)]
Where:
FV = Future Value of the savingsP = Principal (initial deposit)r = Annual interest rate (as a decimal)n = Number of times interest is compounded per year (we assume 12 for monthly)t = Number of years the money is invested forPMT = Periodic Payment (monthly contribution)
In our calculator:
P is the Initial Deposit.PMT is the Monthly Contribution.r is the Annual Interest Rate divided by 100 (e.g., 4.5% becomes 0.045).n is set to 12 (monthly compounding).t is the Number of Years.
The Total Interest Earned is calculated by subtracting the total contributions (initial deposit + total monthly contributions) from the Future Value (Total Savings).
Total Interest = FV - (P + PMT * n_total_months)
Example Calculation:
Let's say you have:
- Initial Deposit (P): $1,000
- Monthly Contribution (PMT): $200
- Annual Interest Rate (r): 4.5% (or 0.045)
- Number of Years (t): 5
- Compounding Frequency (n): 12 (monthly)
Number of months (nt): 5 years * 12 months/year = 60 months
Monthly interest rate (r/n): 0.045 / 12 = 0.00375
Calculation for Future Value (FV):
FV = 1000 * (1 + 0.00375)^(60) + 200 * [((1 + 0.00375)^(60) - 1) / 0.00375]
FV = 1000 * (1.25185) + 200 * [(1.25185 - 1) / 0.00375]
FV = 1251.85 + 200 * [0.25185 / 0.00375]
FV = 1251.85 + 200 * 67.16
FV = 1251.85 + 13432
FV ≈ $14,683.85
Total Contributions = Initial Deposit + (Monthly Contribution * Number of Months)
Total Contributions = $1,000 + ($200 * 60) = $1,000 + $12,000 = $13,000
Total Interest Earned = FV – Total Contributions
Total Interest Earned = $14,683.85 - $13,000 = $1,683.85
This calculator provides an estimate; actual returns may vary based on bank policies and interest rate fluctuations.
function calculateSavings() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var monthlyContribution = parseFloat(document.getElementById("monthlyContribution").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value);
var numberOfYears = parseFloat(document.getElementById("numberOfYears").value);
var totalSavingsResultElement = document.getElementById("totalSavingsResult");
var totalInterestResultElement = document.getElementById("totalInterestResult");
// Input validation
if (isNaN(initialDeposit) || initialDeposit < 0 ||
isNaN(monthlyContribution) || monthlyContribution < 0 ||
isNaN(annualInterestRate) || annualInterestRate < 0 ||
isNaN(numberOfYears) || numberOfYears <= 0) {
totalSavingsResultElement.textContent = "Invalid Input";
totalInterestResultElement.textContent = "Please enter valid positive numbers.";
return;
}
var monthlyInterestRate = annualInterestRate / 100 / 12;
var numberOfMonths = numberOfYears * 12;
var totalContributions = initialDeposit + (monthlyContribution * numberOfMonths);
// Calculate Future Value using compound interest formula
// FV = P(1 + r/n)^(nt) + PMT * [((1 + r/n)^(nt) – 1) / (r/n)]
var futureValue = initialDeposit * Math.pow(1 + monthlyInterestRate, numberOfMonths) +
monthlyContribution * (Math.pow(1 + monthlyInterestRate, numberOfMonths) – 1) / monthlyInterestRate;
// Handle cases where monthly interest rate is very close to zero
if (monthlyInterestRate === 0) {
futureValue = initialDeposit + (monthlyContribution * numberOfMonths);
}
var totalInterestEarned = futureValue – totalContributions;
// Format results
totalSavingsResultElement.textContent = "$" + futureValue.toFixed(2);
totalInterestResultElement.textContent = "$" + totalInterestEarned.toFixed(2);
}