High-Yield Savings Calculator
See what a high-yield savings account earns with monthly deposits, year by year, and how much more that is than a regular big-bank savings account.
High-Yield Savings Calculator: with the default inputs, high-yield balance is $32,020.24.
Added at the end of each month.
Enter the APY your bank advertises today — HYSA rates are variable and move with the Fed's rate.
A typical big-bank standard savings rate. The FDIC publishes the national average every month.
After the tax on interest, if you entered a tax rate.
- Extra vs. regular savings
How much more the high-yield account ends with.
- $3,640.81
- Regular savings balance
- $28,379.42
- Interest earned (high-yield)
- $4,020.24
- Total deposited
- $28,000
- Interest in the first month
On the initial deposit alone.
- $32.74
- Interest in the first year
- $465.53
- Tax on interest
- $0.00
- Equivalent monthly rate
The rate per month that compounds to the APY over a year.
- 0.3274%
Assumptions
- The APY stays constant for the whole period (real HYSA rates are variable).
- APY is converted to an equivalent monthly rate; deposits are made at the end of each month.
- Tax, if entered, is charged on each year's interest and paid from the account at the year end.
- No fees, balance caps or promotional-rate expiry.
| Year | Total deposited | Interest that year | High-yield balance | Regular savings | Difference |
|---|---|---|---|---|---|
| 1 | $13,600 | $465.53 | $14,065.53 | $13,646.60 | $418.94 |
| 2 | $17,200 | $628.15 | $18,293.69 | $17,307.78 | $985.91 |
| 3 | $20,800 | $797.28 | $22,690.97 | $20,983.60 | $1,707.36 |
| 4 | $24,400 | $973.17 | $27,264.14 | $24,674.13 | $2,590.01 |
| 5 | $28,000 | $1,156.10 | $32,020.24 | $28,379.42 | $3,640.81 |
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How this is worked out
The formula
i = (1 + APY)^(1/12) − 1 Balance = P × (1 + i)^n + D × [ (1 + i)^n − 1 ] ÷ i P = initial deposit, D = monthly deposit (end of month) n = months (years × 12) With a tax rate t, each year's interest × t is deducted at the year end.
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Initial deposit
- A number.in dollars · 0 or more · defaults to 10000
- Monthly deposit
- Added at the end of each month.in dollars · 0 or more · defaults to 300
- High-yield APY
- Enter the APY your bank advertises today — HYSA rates are variable and move with the Fed's rate.a percentage · from 0 to 25 · defaults to 4
- Years
- A number.from 1 to 50 · whole numbers only · defaults to 5
- Regular savings APY to compare
- A typical big-bank standard savings rate. The FDIC publishes the national average every month.a percentage · from 0 to 25 · defaults to 0.4
- Tax rate on interest(under More options)
- Your marginal federal + state rate. Savings interest is taxed as ordinary income in the year it's credited.a percentage · from 0 to 60 · defaults to 0
What you get back
- High-yield balancemain answer
- After the tax on interest, if you entered a tax rate.
- Extra vs. regular savings
- How much more the high-yield account ends with.
- Regular savings balance
- Interest earned (high-yield)
- Total deposited
- Interest in the first month
- On the initial deposit alone.
- Interest in the first year
- Tax on interest
- Equivalent monthly rate
- The rate per month that compounds to the APY over a year.
What this assumes
- The APY stays constant for the whole period (real HYSA rates are variable).
- APY is converted to an equivalent monthly rate; deposits are made at the end of each month.
- Tax, if entered, is charged on each year's interest and paid from the account at the year end.
- No fees, balance caps or promotional-rate expiry.
About this calculator
A high-yield savings account (HYSA) is an ordinary, FDIC- or NCUA-insured savings account that pays a much higher rate than the standard savings account at a big branch bank — usually because it's run by an online bank with lower costs. The money is just as safe and just as easy to reach; the only difference is the rate. This calculator shows what that rate is worth in dollars, and how much more you'd have than leaving the same money in a regular savings account.
How to use it
Enter what you're starting with, what you'll add each month, the APY your bank advertises, and how many years. The comparison rate defaults to a typical big-bank savings rate; change it to whatever your current account pays to see exactly what switching is worth. Open More options to add a tax rate on the interest. Solve for works backwards — for example, "what monthly deposit gets me to $25,000 in three years?"
How the interest is calculated
Banks quote APY, the annual percentage yield, which already includes compounding. Most HYSAs compound daily and credit interest monthly, so the calculator converts the APY into the equivalent monthly rate — (1 + APY)^(1/12) − 1 — and applies it every month. That way $10,000 at 4% APY earns exactly $400 over a year with no deposits, which is what APY promises. Deposits are added at the end of each month.
Reading the results
- High-yield balance is what you'd have at the end, after tax if you entered a rate.
- Extra vs. regular savings is the headline comparison: the dollar cost of leaving cash in a low-rate account.
- Interest in the first month answers "how much will my money earn per month" for the starting balance.
- The year-by-year table splits each year's interest from your deposits, so you can see when interest starts to matter. At savings-account rates it stays small next to deposits for years — the account is for safety and access, not growth.
Caveats
HYSA rates are variable. They rise and fall with the Federal Reserve's policy rate, so the APY you enter today is unlikely to hold for five years; treat long projections as "if rates stay here." Watch for promotional rates that expire, balance caps on the top rate, and monthly fees, any of which can erase the advantage. Interest is taxable as ordinary income each year even if you never withdraw it — your bank sends a 1099-INT. For money you won't touch for a fixed period, compare a CD; for money you need in an emergency, the HYSA's same-day access is the point.
Frequently asked questions
▸How much interest will $10,000 earn in a high-yield savings account?
At 4% APY, $10,000 earns $400 in a year — about $32.74 in the first month — versus about $40 a year at a 0.4% big-bank rate. Change the APY to your bank's rate to see your exact figure.
▸Is a high-yield savings account safe?
Yes, if it's at an FDIC-insured bank or NCUA-insured credit union: deposits are covered up to $250,000 per depositor, per institution, per ownership category. Check that the account is held at an insured institution, not just offered through a fintech app.
▸Is HYSA interest taxable?
Yes. Interest is taxed as ordinary income in the year it's credited, whether or not you withdraw it. Enter your marginal tax rate under More options to see the after-tax balance.
▸Why does the calculator convert APY to a monthly rate?
APY already includes compounding, so dividing it by 12 would overstate the interest. Using (1 + APY)^(1/12) − 1 per month makes a year of interest equal the advertised APY exactly.
▸Should I use an HYSA or a CD?
An HYSA keeps the money available any day at a rate that can change; a CD locks the rate and the money for a fixed term, with a penalty for early withdrawal. Emergency funds belong in an HYSA; money for a known date can go in a CD.
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