Free Calculator

Savings Goal Calculator

Find out exactly how long it will take to reach your savings goal — and how much faster a high-yield savings account could get you there.

Advertiser Disclosure: WiseIQ is an independent comparison service. We may earn a commission when you apply for a financial product through links on this page. This does not influence our editorial evaluations. See our methodology →
Your Savings Details
$
$
$
%
Top high-yield savings accounts currently offer 4.5–5.0% APY
Your Savings Plan

Enter your goal and monthly savings to see your plan.

How This Calculator Works

The calculator uses compound interest math to project your savings growth over time. Interest is compounded monthly based on your annual APY. Your monthly contributions are added at the start of each month, and interest accrues on the combined balance.

The power of a high-yield savings account

A standard bank savings account currently pays around 0.5% APY. The best high-yield savings accounts pay 4.5–5.0% APY — nine to ten times more. On a $10,000 goal with $300/month contributions, the difference in interest earned over 3 years is approximately $800–$1,200.

Emergency Fund vs. Savings Goal

Financial planners generally recommend keeping 3–6 months of living expenses in an accessible emergency fund before pursuing other savings goals. A high-yield savings account is ideal for both — it earns significantly more than a standard account while remaining fully liquid and FDIC-insured up to $250,000.

Frequently Asked Questions

Is my money safe in a high-yield savings account?
Yes. All federally chartered banks and credit unions are FDIC or NCUA insured up to $250,000 per depositor per institution. High-yield savings accounts at online banks like Marcus, Ally, and SoFi carry the same federal insurance as traditional banks.
Can I withdraw money from a high-yield savings account anytime?
Yes. High-yield savings accounts are liquid — you can withdraw funds at any time without penalty. Federal regulations previously limited savings account withdrawals to 6 per month, but this restriction was lifted in 2020. Some banks still enforce their own limits.
Why do online banks offer higher rates?
Online banks have significantly lower overhead costs than traditional banks with physical branches. They pass these savings to customers in the form of higher interest rates on savings accounts and lower fees overall.