High-Yield Savings Account Calculator
This calculator works out how much interest your savings will earn. Enter your starting deposit, what you add each month, the APY your account pays and how long the money sits, and it returns your final balance, the interest on its own, and a year-by-year breakdown. Enter the rate your own bank advertises. For comparison, the FDIC put the national average for savings at 0.38% APY in August 2026, and a competitive online account pays several times that.
Final balance
$7,945.36
Total contributions
$7,000.00
Interest earned
$945.36
Your result
At the numbers you entered, $1,000.00 plus $100.00 a month at 4.5% APY grows to about $7,945.36 in 5 years. Of that, $945.36 is interest the bank paid you rather than money you put in.
What changes this most
- The rate. One percentage point higher on this balance would be worth about $226.11 more over the same 5 years. This is usually the easiest of the three to change because it can mean choosing a different account rather than saving more or waiting longer.
- What you add each month. Doubling your monthly contribution would add roughly $6,699.18 to the final balance.
- Time. Interest compounds, so the same rate earns more each year than the year before. Leaving it another year would add about $1,582.09.
The rate above is the one you typed in, not an offer. Savings rates are variable and change without notice, so the account you pick matters more than the projection does. This figure is also before tax: savings interest is taxable income in the year the bank credits it, even if you never withdraw it.
Of those three, the rate is the one you can change today. On these numbers a single percentage point is worth about $226.11, and moving savings does not create a CD-style lockup, although transfer timing and any provider-specific fees or limits are worth checking first.
We compare accounts on fees, minimums and access, and we do not publish bank rates because we cannot keep them accurate. Some links may earn us a commission at no cost to you; it does not change the order of any list. See our methodology.
Could your savings earn more?
On your figures, an extra 0.50 percentage points of APY would be worth about $112 over 5 years. That assumes both rates hold, and savings rates are variable, so treat it as arithmetic rather than a forecast.
Monthly breakdown
| Month | Contribution | Interest earned | Balance |
|---|---|---|---|
| 1 | $100.00 | $3.67 | $1,103.67 |
| 2 | $100.00 | $4.06 | $1,207.73 |
| 3 | $100.00 | $4.44 | $1,312.17 |
| 4 | $100.00 | $4.82 | $1,416.99 |
| 5 | $100.00 | $5.21 | $1,522.20 |
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Your figures are calculated on your own device and never sent to us.
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No sign-up, no email required, nothing to cancel later.
We publish no bank rates
Rates move without notice, so we link you to the bank for the current figure.
A comparison of high-yield savings accounts, and how each one is chosen.
Want to know when the savings landscape changes?
We will email you when the Federal Reserve moves its target rate, when the FDIC publishes new national averages, and when we publish a newly verified comparison. We do not track individual banks’ APYs and we will not pretend to, so this is an infrequent email about things that genuinely change the picture.
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How a high-yield savings account works
A high-yield savings account is a savings account that pays a much higher rate than a normal bank account. The FDIC put the national average for savings at 0.38% APY in its August 2026 figures. A competitive online savings account pays several times that. We do not publish individual bank rates on this site, because they change without notice, so check the current number on the bank’s own rate page before you decide.
Most HYSAs are at online-only banks. They skip branch costs and pass the savings to you in the form of a higher rate. Your money is still FDIC insured up to $250,000 per bank. Unlike a CD, there is no fixed term and no early-withdrawal penalty, though individual banks can impose transfer limits, holds or other account-specific rules.
The trade-off: most HYSAs do not have branches, checks, or ATM cards. They work best for savings you want to grow, not money you spend often. Pair a HYSA with a checking account at your regular bank.
HYSA vs traditional savings account
| Feature | High-Yield (HYSA) | Traditional |
|---|---|---|
| Rate | Several times the national average | At or near the national average |
| FDIC national average | 0.38% APY across all insured banks | 0.38% APY across all insured banks |
| FDIC insured | Yes, $250K | Yes, $250K |
| Monthly fees | Usually none | Often $5 - $15 |
| Branches | Online only | Yes |
| Withdrawal limits | Same federal rules | Same federal rules |
National average from the FDIC National Rates and Rate Caps, published 17 August 2026 covering data through 31 July 2026. We do not publish individual bank rates, so the rate row describes the gap rather than naming a figure.
Account details on this page were last checked on August 23, 2026. We do not publish a bank’s APY here, because savings rates change without notice and a stale number is worse than none. Use the link by each account to see the rate the bank is paying right now. National averages come from the FDIC National Rates and Rate Caps.
Frequently asked questions
How much interest will my savings earn?
That depends on four things, which is what the calculator above asks for: your starting balance, anything you add each month, the APY your account pays, and how long the money stays there. As a rough scale, $10,000 held for a year earns about $38 at the FDIC national average of 0.38% and about $400 at 4%. Enter your own figures rather than a rule of thumb, because the gap between accounts is far larger than most people expect.
How does compound interest work in a HYSA?
Compound interest pays you interest on your interest. Most savings accounts compound daily and credit it monthly. As an example, if an account paid 4.50% APY, a $10,000 deposit would earn about $460 in the first year, then more the next year because the balance is larger. That figure is an illustration of the maths, not a rate any particular bank is offering.
Are HYSAs safe?
Yes. Every account listed on this site is FDIC insured up to $250,000 per depositor, per bank. FDIC insurance is backed by the U.S. government. Source: FDIC.gov.
Are HYSA earnings taxable?
Yes. Interest from a HYSA counts as ordinary income on your federal tax return. Banks send you a 1099-INT each January if you earn $10 or more. Source: IRS Publication 550.
How often does the APY change?
HYSA rates are variable. Banks can raise or lower the APY at any time. Rates tend to track the federal funds rate set by the Federal Reserve. When the Fed cuts rates, HYSAs follow within weeks.
What is the difference between APY and APR?
APY (Annual Percentage Yield) includes compounding. APR (Annual Percentage Rate) does not. For savings accounts, banks generally advertise APY because it shows the return after compounding. A 5.00% APR compounded daily equals 5.13% APY.
Can I lose money in a HYSA?
A HYSA is not an investment, and at an FDIC-member bank eligible deposits are insured to $250,000 per depositor, per bank, per ownership category, so a bank failure is covered within those limits. Amounts above the applicable limit are not, and account fees or dormancy charges can still reduce a balance. What a HYSA does not do is fall in value the way a market investment can. The main thing that changes is the APY, which is variable, so future earnings can drop.
Should I keep my emergency fund in a HYSA?
Yes. Most financial planners say keep 3 to 6 months of expenses in a HYSA. The money earns more than checking, and unlike a CD there is no fixed term or early-withdrawal penalty, subject to your bank's transfer and withdrawal rules. CDs lock up the cash, so they are not a good fit for an emergency fund.
What APY should I enter in the calculator?
Use the rate your own bank advertises today, taken from its rate page. If you are only exploring, pick a round number such as 4% and treat the result as a rough guide rather than a forecast. We do not publish a suggested rate here, because savings rates move without notice and a number printed on a page goes stale fast. The FDIC national average for savings was 0.38% APY in its August 2026 figures, which is a useful floor to compare any offer against.
Primary sources
- FDIC National Rates and Rate Caps : weekly average savings rates
- IRS Publication 550 : taxation of interest income
- Federal Reserve Open Market Operations : federal funds rate history
Account details on this page were last checked on August 23, 2026. We do not publish a bank’s APY here, because savings rates change without notice and a stale number is worse than none. Use the link by each account to see the rate the bank is paying right now. National averages come from the FDIC National Rates and Rate Caps.
Where people go from here
The projection above answers one question. These are the ones it usually raises.
- APY calculatorTurn a rate into an APY, and see what two accounts differ by in dollars.
- How much to keep in savingsFour pools with four different rules, not one number.
- HYSA vs money marketNearly the same product, two real differences, and one dangerous name collision.
- Why savings rates changeWhy your APY dropped, and why cuts reach you faster than rises.