Savings Interest Calculator: APY, Deposits and Taxes

See how a high-yield savings account or CD grows with monthly deposits — and how much interest you keep after tax.

Final balance–
Total deposited–
Interest earned–
Interest after tax–

Interest compounds monthly from the APY you enter. Tax is estimated on interest earned each year; actual rates and rules vary.

Make your cash work harder

Small differences in APY add up over time, especially with regular deposits. Compare accounts by APY, then think about taxes and inflation — read APY vs APR for the details.

Where this calculator fits

Savings accounts are ideal for an emergency fund and short-term goals. For long-term money, compare scenarios in the compound interest calculator.

Frequently Asked Questions

How is savings interest calculated?

Interest is earned on your balance and compounds — usually daily or monthly. The APY already includes compounding, so balance × APY approximates one year of interest.

Is savings interest taxable?

In most countries, yes. In the US, interest is taxed as ordinary income in the year it is earned.

APY or APR — which should I compare?

For savings accounts and CDs, compare APY because it includes the effect of compounding.

This content is for general information only and is not investment advice. Consider your own situation and consult a licensed professional before making financial decisions.