Savings Interest Calculator
See how much your money will earn in a high-yield savings account. Adjust the deposit, APY, and time period to compare.
Initial Deposit $10,000
APY Rate 4.40%
Time Period 3 years
$11,367
Total balance after 3 years
Interest earned: $1,367
How This Compares to a Traditional Bank
| Account Type | APY | Interest (3 years) | Total (3 years) |
|---|
How Compound Interest Works
High-yield savings accounts compound interest daily or monthly, meaning you earn interest on your interest. A $10,000 deposit at 4.40% APY earns $440 in year one. In year two, you earn interest on $10,440 — so you earn $459. This compounding effect accelerates over time, which is why longer time horizons show increasingly larger returns.
The difference between a high-yield savings account (4-5% APY) and a traditional bank (0.01-0.05% APY) is dramatic. On $10,000 over 3 years, a HYSA earns approximately $1,367 while a traditional bank earns about $3. That's over $1,364 in free money you'd miss out on.
Disclaimer: This calculator provides estimates based on the APY entered. Actual returns may vary as rates change over time. All high-yield savings accounts mentioned on PickLogic are FDIC insured. This is not financial advice.