Understanding the savings calculator
Building savings is mostly about habit: a fixed amount moved into a savings account every month, left to earn interest, compounds into a meaningful balance faster than most people expect. This calculator combines an opening deposit with recurring monthly deposits at a steady rate to project the total.
High-yield savings accounts and money-market accounts pay far more than traditional savings accounts, and because they're typically FDIC-insured, the balance carries essentially no risk. For goals a few years out an emergency fund, a down payment the certainty of a savings account is worth more than the higher but volatile returns of investing.
Results are estimates for education only and are not financial advice.