You already understand the benefits of saving, and you’ve been saving diligently for awhile now. But could your money be earning even more? Even a slight difference in interest rates can make a noticeable difference in growing your savings. It’s time to find out how much you could be earning – with a savings account interest calculator. Here’s where to find one, and how to use it.
Compare Savings Rates Easily Online
To get started, you’ll want to find a reputable financial institution offering an online savings account interest calculator. Most banks now offer free online tools that are entirely web-based with no complicated instructions to follow. Look for a calculator where everything is laid out in an easy to understand way, which will let you add up your savings right away.
Simply add in your starting amount, select the number of years, and how much in additional contributions you want to make, and the savings account interest calculator instantly displays how much you can earn. Current market interest rates should also be conveniently displayed, so you don’t have to shop around to find a savings account that pays competitive, high-interest returns. Play around with potential returns and see how much even a small difference in interest rate could add up.
Making “Cents” of Your Savings
The savings account calculator of your choice should also give you an easy to follow chart to understand your savings at a glance. And if you need more help, this tool should also include helpful instructions to guide you through the easy process of using it. For example, if you’ve always been confused by the APY or Annual Percentage Yield, you should expect to get a simple explanation that helps you make sense of returns, and find out how much you can possibly earn through the savings account.
Keep in mind that computers are great at crunching numbers, but market rates can change on a daily basis. A savings account interest calculator is a great first step toward seeing if you’re getting the best possible rate for your money and give you a possible forecast for how much you could have saved up at the end of a certain time period.
Jess Hall writes out of Jersey City about different investment opportunities, including how to use a savings account interest calculator to your advantage. Always looking for a trusted financial institution for advice and tips she tends to look up information at http://www.aurorabankfsb.com/ more often than not.
The amount of interest on a savings account is calculated by using the amount of money in the account and the annual percentage yield. Find out what an APY is at a bank with lessons from a math teacher in this free video on math calculations for daily life.
Expert: Jimmy Chang
Bio: Jimmy Chang has been a math teacher at St. Pete College for nearly a decade. He has a master’s degree in math, and his specialties include calculus, algebra, liberal arts, math and trigonometry.
Filmmaker: Christopher Rokosz