Savings Account Comparator
Compare multiple savings accounts to see which one earns you the most money over time.
| Account | Interest Rate (%) | Compounding | Fees ($/year) | Final Balance | Total Interest | |
|---|---|---|---|---|---|---|
| $1,077.38 | $77.38 | |||||
| $1,093.81 | $93.81 |
About Our Savings Account Comparator
Our Savings Account Comparator is a powerful tool that helps you make informed decisions about where to keep your savings. By comparing multiple accounts side-by-side with your specific deposit amounts and time horizon, you can see exactly which account will grow your money most effectively.
How Savings Account Interest Works
Savings accounts earn interest through compound growth, meaning you earn interest on both your initial deposit and any accumulated interest. The frequency of compounding (daily, monthly, quarterly, etc.) significantly impacts your total earnings. Our calculator accounts for all these factors to give you accurate comparisons.
Key Features
- Compare unlimited savings accounts in a single view
- Adjustable compounding frequencies to match actual account terms
- Include annual fees for accurate net earnings
- Visual chart comparison of account growth over time
- Flexible deposit options for initial and recurring contributions
How to Use This Comparator
- Enter your initial deposit amount
- Add any monthly deposits you plan to make
- Set your investment time horizon in years
- Add each savings account you want to compare
- Enter each account's interest rate, compounding frequency, and fees
- Click "Compare Accounts" to see detailed results
Disclaimer: This calculator provides estimates only. Actual interest earnings may vary based on changing rates, account terms, and other factors. This tool is for informational purposes only and does not constitute financial advice. Always verify rates with financial institutions before making decisions.
Understanding the Results
The comparator shows two key metrics for each account:
- Final Balance: The total amount in the account at the end of your selected period
- Total Interest: The amount earned from interest alone (minus any fees)
The visual chart helps you see how each account performs over time, making it easy to identify which options offer the best growth potential.
Tips for Choosing a Savings Account
Look beyond the interest rate: Consider compounding frequency and fees which can significantly impact net returns
Check for rate guarantees: Some accounts offer introductory rates that change after a period
Review access limitations: High-yield accounts may have restrictions on withdrawals
Consider insurance protection: Ensure your deposits are protected (e.g., FDIC/NCUA insured in the U.S.)
Watch for minimum balances: Some accounts require minimum deposits to earn the advertised rate
Frequently Asked Questions
How often do savings account interest rates change?
Interest rates can change at any time based on economic conditions and bank policies. While some accounts offer fixed rates for certain periods, most variable-rate accounts can change their rates monthly or even more frequently. Our calculator uses the rates you input but can't predict future rate changes.
What's the difference between APY and APR?
APY (Annual Percentage Yield) includes compound interest in its calculation, showing your true annual earnings. APR (Annual Percentage Rate) typically doesn't account for compounding. Savings accounts usually advertise APY, which is what our calculator uses. Always confirm which rate metric is being used when comparing accounts.
Are online banks better for savings than traditional banks?
Online banks often offer higher interest rates because they have lower overhead costs than traditional brick-and-mortar banks. However, they may lack physical branches for in-person service. Our comparator helps you evaluate purely based on the numbers, but you should also consider service, convenience, and your personal banking preferences.