What this page sets up
The calculator opens with a high-yield savings plan: 10,000 in the account, 250 added at the end of every month, a 4.00% APY compounded daily, for 5 years. The 4.00% is an example, so type the APY your bank advertises. Because the rate is entered as an APY, it doesn’t matter how often the account compounds: the calculator converts it to the matching daily rate, and the note under the results shows that nominal rate.
Reading the result
The large figure is the balance after 5 years, and Compound interest is what the account paid you on top of your own money. Money put in is the starting balance plus every deposit. The year-by-year schedule shows the interest growing as the balance does, so you can see what the account earns in year 1 and in year 5. The simple interest card is there for comparison: it is what you’d get if the interest were paid out each month instead of left to compound.
Getting more from a savings account
- Use the APY on your latest statement. An advertised rate is a snapshot; the statement shows what the account pays now, and rerunning the plan with it keeps the 5-year figure honest.
- Check what the rate depends on. Some accounts pay different rates on different balance tiers or require a minimum balance; the disclosure lists them.
- Match the account to the goal. Savings you may need at short notice suit an account you can withdraw from. For money you won’t touch for a set time, the CD calculator shows what locking a rate pays, and the compound interest page shows how a different long-term rate changes the result.
High-yield APYs against the national average
The FDIC's national average for savings accounts was 0.37% APY on September 21, 2026. The other rows are round example APYs, not offers. Each row is worked out by the calculator with daily compounding: interest on $10,000.00 over one year, and this page's plan of $10,000.00 plus $250.00 a month for 5 years.
| APY | 1 year on $10,000 | Balance after 5 years | Interest in 5 years |
|---|---|---|---|
| 0.37% (national average) | $37.00 | $25,323.39 | $323.39 |
| 3.00% | $300.00 | $27,737.98 | $2,737.98 |
| 3.50% | $350.00 | $28,220.73 | $3,220.73 |
| 4.00% | $400.00 | $28,711.28 | $3,711.28 |
| 4.50% | $450.00 | $29,209.76 | $4,209.76 |
| 5.00% | $500.00 | $29,716.25 | $4,716.25 |
Sources: FDIC, National Rates and Rate Caps, savings, money market and CD rates as of September 21, 2026 (savings at the $2,500 product tier, weighted by deposits); Federal Reserve, Regulation D amendment of April 24, 2020 (the six-a-month transfer limit deleted); CFPB, Regulation DD, Appendix A (how an APY is defined). Not financial advice.