Frequently Asked Questions
How does this savings calculator work?
Our savings calculator estimates how your money will grow over time by factoring in your initial savings, monthly contributions, interest rate, and the number of years you plan to save.
What is compound interest?
Compound interest is the process where your savings earn interest, and then that interest begins to earn additional interest. This allows your money to grow faster compared to simple interest.
Can I use this calculator for retirement planning?
Yes, this calculator can help you estimate how much your contributions will grow over time. However, for detailed retirement planning, you may also want to factor in inflation, taxes, and investment returns.
Is there a limit to the interest rate I can enter?
No, but it’s recommended to use realistic rates. Most savings accounts offer 0.5% to 4%, while investments may provide higher potential returns with more risk.