How to use this high-yield savings calculator
Enter your initial deposit, a monthly contribution, the account's APY, and your term in years. Set the "compare to" rate to a typical basic-account APY (a fraction of a percent) to see how much extra a high-yield account earns. The projection updates instantly and splits your balance into what you put in versus the interest it earned.
What is a high-yield savings account?
A high-yield savings account (HYSA) pays a much higher APY than a typical checking or brick-and-mortar savings account — often many times the national average. They're usually offered by online banks, are FDIC-insured up to applicable limits, and keep your money liquid, which makes them ideal for an emergency fund or short-term savings goal. A certificate of deposit (CD) is similar but locks your money for a fixed term in exchange for a fixed rate.
Why the rate matters more than you think
Leaving cash in a near-zero account is a quiet cost. The gap between a basic account and a high-yield one compounds every month — over several years on a healthy balance, that difference can be hundreds or thousands of dollars you'd otherwise have left on the table. The "extra vs a basic account" line above shows that gap for your numbers.
Frequently asked questions
What is a high-yield savings account?
A savings account (usually from an online bank) that pays a far higher APY than a typical account, while keeping your money liquid and FDIC-insured up to applicable limits.
APY vs interest rate — what's the difference?
The interest rate is the base rate; APY includes compounding, so it's what you actually earn in a year. Compare APY to APY.
How much can I earn?
It depends on your balance, contributions, the APY, and time — the projection above shows your future balance and interest. Note HYSA rates are variable and can change.
Is a CD better than a HYSA?
A CD locks money for a fixed term at a fixed rate; a HYSA stays accessible with a variable rate. Model either by entering its APY and term.
Related calculators & guides
This calculator is for educational and planning purposes only and provides estimates, not financial advice. APYs are variable and not guaranteed. See how we calculate.