Premium Online Savings Calculator

Start by picking the right savings account (or accounts). Stick with your deposits and try not to withdraw until you reach your goal.

Check out account features before you decide.

Pick an account with a minimum you can handle. Some let you start small, so you can grow your savings faster. If you can’t meet the requirements now, open a basic account and upgrade later.

APY shows what you’ll really earn, since it includes compounding. Our calculator uses the current APY for you. Higher APY = faster growth.

Some accounts charge maintenance fees, but you can often avoid them by keeping the minimum balance and limiting transactions. Choose an account that helps you dodge fees and reach your goals sooner.

Make sure your account is insured by the NCUA (for credit unions) or FDIC (for banks)—up to $250,000 per person, per account type, per institution. All PenFed accounts are covered up to $250,000.

High-yield savings accounts let you access your money more easily than certificates, which lock in your funds for a set time. If you want flexibility, a high-yield savings account is a good pick.

Check for any limits on withdrawals or transfers, and see if penalties fit your needs.

Set a budget so you know how much you can save each month. Make regular deposits—automate them if you can, so you never miss one.

If you need to change your deposit amount, just update the calculator with your new balance and monthly deposit.

Had to make an emergency withdrawal? Enter your new balance as the Initial Deposit, and keep going.