# Simple Savings Calculator

Use our simple savings calculator to see how fast your money can grow over time. With this calculator, you can set financial goals and see how much you need to save every month.

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Annual contribution of $1,200 years % Interest is compounded monthly Your savings$11,929
in 5 years
Interest earned
$929 Starting balance$5,000
Total contributions
$6,000$100 per month over 5 years
If you start with $5,000, and save$100 each month (or $1,200 every year), then after 5 years, you will have$11,929, assuming an interest rate of 2.20%%.

## Simple savings calculator

The average annual interest rate for savings accounts in the U.S. is 0.09%, according to the Federal Deposit Insurance Corporation. The average annual interest rate for checking accounts in the U.S. is 0.06%.