Savings Calculator - Grow savings with recurring deposits and extra interest
Savings Calculator
Savings growth over time
Results summary
10 Years to save
Yearly savings breakdown
About this savings calculator
This savings calculator projects how a starting amount plus recurring deposits can grow with compound interest. It supports weekly to annual deposits, lets you add a yearly increase to the contribution amount, and can apply an extra interest rate on its own cadence. The result is a year-by-year forecast of contributions, growth, and ending balance so you can see whether your savings plan matches your goals.
How the calculations are built
We convert your annual rate to an effective monthly rate and apply it once per month. Contributions are normalized to a monthly amount using the chosen frequency, then boosted by your annual increase starting in month 13 and every 12 months thereafter. An extra interest rate is applied on its own cadence — monthly, quarterly, annually, or semimonthly — after the base monthly rate but before the contribution. Semimonthly applies the extra rate twice each month while the base rate stays monthly. Every month follows: base rate → extra rate (if due) → add contribution. Yearly rows roll up balance, total contributions, and total growth.
How to read and trust the outputs
What is a savings calculator?
A savings calculator models how money set aside today, combined with regular deposits, can grow through compound interest over time. It shows the long-term effect of consistent deposits, contribution increases, and bonus interest rates offered by some savings accounts — turning abstract percentages into concrete projected balances.
Worked example
Start with €5,000, add €200 per month, and earn 3% annual interest for 10 years. The monthly rate is 3% ÷ 12 = 0.25%.
- End balance after 10 years: approximately €34,700
- Total contributions: €29,000 (€5,000 starting + €24,000 deposits)
- Total growth from compounding: approximately €5,700
In month 1 alone, the €5,000 earns €12.50 in interest before the €200 deposit is added. That €12.50 stays in the balance and earns interest itself in every following month — this is the compounding effect at work.
How monthly compounding works
The annual rate is divided by 12 to give an effective monthly rate. Each month, the calculator:
- Applies the base monthly rate to the current balance.
- Applies the extra rate if its frequency has triggered (monthly, quarterly, etc.).
- Adds the contribution for that month.
The order matters: interest is calculated on the balance before the deposit is added, so deposits made earlier in the year benefit from more compounding cycles.
Annual contribution increase effect
The first increase applies in month 13 and then every 12 months after that. Each new annual increase compounds on the previous year's deposit level, so a 5% raise each year means year 2 deposits at €210/month, year 3 at €220.50, and so on. Over 10 years, a 5% annual increase on a €200/month deposit adds noticeably more to the end balance than the extra cash alone, because the higher deposits earn compounding interest for more years.
Extra interest rate options
Some savings accounts pay a bonus rate on a different schedule than the base rate. You can model this by entering an extra interest rate and choosing its frequency: monthly, quarterly, annually, or semimonthly. Semimonthly applies the extra rate twice per month while the base rate remains monthly, letting you see the uplift from more frequent bonus interest. Setting the extra rate to zero isolates the base compounding alone.
What the yearly schedule shows
The yearly schedule rolls up each calendar year's contributions, growth, and ending balance. Reading it year by year lets you check whether you reach an interim target (such as a 3-year emergency fund goal) before looking at the 10-year horizon. Growth amounts typically accelerate in later years as the compounding base gets larger.
Planning tips
- Compare a flat contribution with a yearly increase to see how faster deposits bend the growth curve.
- Test weekly versus monthly deposits to understand how timing affects the path, not just the totals.
- Set the extra rate to zero to isolate base growth, then add it back to gauge the uplift from bonus interest.
- Try different starting amounts to see whether a lump-sum top-up now outpaces years of extra monthly deposits.
Assumptions and limits
- No taxes, transaction costs, or fund fees are modeled; adjust the rate downward if you want a net-of-cost view.
- Results use a steady rate for planning; real savings rates change over time.
- All figures are nominal and do not adjust for inflation.
- The calculator assumes the same deposit every period; irregular deposits are not modeled.
Supporting calculators
- Savings vs investing comparison: use the Compound Interest Calculator to compare a similar contribution plan in an investment-style compounding scenario.
- Real-value check: use the Inflation Calculator to translate your projected nominal savings into purchasing-power terms.
- Retirement target check: use the Retirement Calculator to compare your savings path with a target monthly retirement income.