High-Yield Savings Account Calculator
A high-yield savings account calculator shows how much your money will grow at a given APY. Enter your starting deposit, monthly contribution, current rate, and time horizon. The tool returns your final balance, total interest, and a year-by-year chart. Most top HYSAs in May 2026 pay 4.30% to 4.55% APY.
Final balance
$7,966.35
Total contributions
$7,000.00
Interest earned
$966.35
Monthly breakdown
| Month | Contribution | Interest earned | Balance |
|---|---|---|---|
| 1 | $100.00 | $3.75 | $1,103.75 |
| 2 | $100.00 | $4.14 | $1,207.89 |
| 3 | $100.00 | $4.53 | $1,312.42 |
| 4 | $100.00 | $4.92 | $1,417.34 |
| 5 | $100.00 | $5.32 | $1,522.66 |
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 national average for regular savings is 0.46% APY (FDIC, March 2026). Top HYSAs pay 10 times that, around 4.30% to 4.55% APY.
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. You can withdraw any time. There are no penalties like a CD has.
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 |
|---|---|---|
| Typical APY | 4.30% - 4.55% | 0.01% - 0.05% |
| Interest on $10K (1 yr) | ~$443 | ~$3 |
| 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 |
Source: FDIC weekly national rates, May 2026. Traditional savings average: 0.46%. Top HYSA range based on direct bank APY pages.
Frequently asked questions
How does compound interest work in a HYSA?
Compound interest pays you interest on your interest. Most HYSAs compound daily and credit it monthly. A $10,000 deposit at 4.50% APY earns about $460 the first year, then more the next year because the new balance is larger.
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 always advertise APY because it shows the real return. A 5.00% APR compounded daily equals 5.13% APY.
Can I lose money in a HYSA?
No. A HYSA is not an investment. Your principal is safe up to the $250,000 FDIC limit. The only risk is the APY going down over time, which means future earnings drop. The money you already deposited stays put.
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 you can withdraw any time without penalty. 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 bank advertises today. The top HYSAs as of May 2026 pay between 4.30% and 4.55% APY. If you do not have an account yet, try 4.50% as a realistic starting point.
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
Last reviewed: May 13, 2026.