Even a small difference in the interest you are paid on your savings can add up over time. Compare savings account interest rates to see how different rates can impact your savings strategy! This calculator can also show you how deposits at the start of each month, compared to the end of the month, can impact your savings balance. It's easy tp compare savings account interest rates.

Definitions

Starting amount The starting balance or current amount you have invested or saved. If you haven't started saving yet, set the amount to "$0". Additional contributions The amount that you plan on adding to your savings or investment regularly. Years The total number of years you are planning to save or invest. Annual percentage yield (APY) The annual rate of return for each savings account. The actual rate of return is largely dependent on the type of investments you select. From January 1970 to December 2008, the average annual compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 9.7% (source: www.standardandpoors.com). During this period, the highest 12-month return was 61%, from June 1982 through June 1983. The lowest 12-month return was -39%, which happened twice, once from September 1973 to September 1974 and again from November 2007 to November 2008. Savings accounts at a bank may pay as little as 1% or less but carry significantly lower risk of loss of principal balances. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.

Compare Savings Account Interest Rates and Choose the Best Saving Account for You

If you are planning to open a saving account, you will find this calculator, a great tool, especially when you need to compare savings account interest rates. It is important for you to know that different banks offer different interest rates on your savings. That is the reason it always pays to do a thorough comparison-shopping. You obviously want to go with the bank that is offering you the highest interest rate.

Doing this comparison manually is going to be a time-consuming venture for you because of the complex nature of calculations. However, you can make this task much easier by using this calculator to compare savings account interest rates. In order to use this calculator, all you have to do is to enter your numbers, such as the amount of money you want to put in the bank every month, the period of time the money is expected to be there, and the rate of interest offered by a specific bank. Once the numbers are entered, click on the submit button and you will get the future value you will be able to make after the specified time period.  

Some banks offer a higher interest rate for savings up to a certain amount of money for a certain period of time. When you compare savings account interest rates using this calculator, you will have all the figures in your hand, to make an informed decision.

A savings bank account is considered as the backbone of the fiscal health of an individual. Whether your personal finance strategies are going to work effectively or not depends very much on the type of savings account you have chosen to sign up with. You can use this fast and easy tool to compare savings account interest rates and choose the kind of savings account that is the most suitable choice for your personal finance.