🇺🇸 High-yield savings🇬🇧 Cash ISA🇨🇦 TFSA🇦🇺 High-interest savings

Savings Calculator

See how compound interest grows your money over time. Every country has a different tax-advantaged savings wrapper — the account type matters as much as the rate.

💡 US High-Yield Savings Account (2026): ~4.8% APY. FDIC insured up to $250,000.

An APY/AER already includes compounding, so frequency only changes the result for a nominal rate.

Quick Answer

In a hypothetical scenario, starting with $10,000 and adding $500 at the end of each month at a constant 4.8% APY for 10 years would produce approximately $92,378.85 — including $22,378.85 in interest before any taxes or fees. The 4.8% rate is an example, not a current account offer.

Tax-Advantaged Savings Accounts Around the World

Tax treatment can change how much of your interest you keep. These account examples help you compare wrappers; the calculator models balance growth before tax and does not apply contribution eligibility rules:

Country Account Type 2026 limit or treatment Tax Benefit
🇺🇸 US HYSA (taxable) No limit Interest taxed as income
🇬🇧 UK Cash ISA £20,000 Completely tax-free
🇨🇦 Canada TFSA CA$7,000 Tax-free growth & withdrawals
🇦🇺 Australia Regular savings No limit Interest taxed at marginal rate
🇩🇪 Germany Tagesgeldkonto €1,000 saver allowance Interest above the individual allowance may be taxable

The UK ISA figure applies to tax year 2026–27; the Canadian TFSA figure is the 2026 annual addition to individual contribution room, which may differ from your available room. Check account eligibility and tax rules before contributing.

APY vs AER — Same Thing, Different Names

When comparing savings rates internationally, you may encounter different terminology for the same concept:

  • APY (Annual Percentage Yield) — US term. Includes compounding effect.
  • AER (Annual Equivalent Rate) — UK term. Same calculation as APY.
  • EAR (Effective Annual Rate) — European/general term. Same concept again.
  • p.a. (per annum) — may mean simple annual rate without compounding — always check the compounding frequency.

Frequently Asked Questions

Is monthly or daily compounding better?

At the same nominal rate, more frequent compounding produces slightly higher returns. With a $10,000 starting balance, no additional deposits, a fixed 5% nominal rate and 10 years, daily compounding produces about $16,486.65 versus $16,288.95 with annual compounding. Both figures use the same tested savings engine as the interactive tool. Actual account terms and changing rates can give a different result.

Can I use a UK Cash ISA if I move abroad?

You can keep an existing Cash ISA if you move abroad, but you cannot make new contributions while non-UK resident. The tax-free status continues for existing balances. Similar restrictions apply to Canadian TFSAs for non-residents (a 1% monthly penalty tax applies to contributions made while non-resident).

Sources & Methodology

The tested savings engine applies monthly contributions and converts an entered APY/AER to an effective monthly rate; nominal rates use the selected compounding frequency. Results are before tax and fees. Account eligibility and contribution limits differ by country.

Standards and figures reviewed 23 September 2026.

Your next steps

Build a savings plan

Start with an amount you can contribute, then test the rate and inflation assumptions.

  1. 1
    Make a monthly budget →

    Find an amount you can save consistently.

  2. 2
    Set a savings target · You are here

    Work out contributions toward a goal.

  3. 3
    Explore compound growth →

    Compare nominal rates, APY or AER, and deposit timing.

  4. 4
    Check purchasing power →

    Compare future money with inflation-adjusted value.

Related Calculators

Compound interest →
APY (US) vs AER (UK)
Inflation calculator →
US CPI, UK RPI, EU HICP, Japan
Currency converter →
When you actually need FX
Investment calculator →
ISA, TFSA, Super, or taxable
Future value →
Savings with regular contributions
Present value →
US OMB 7% vs UK Green Book 3.5%
ROI calculator →
Total and annualized return
NPV calculator →
Discounted cash flows
Cite this page APA · MLA · BibTeX

APA

WorldCalculators.org. (2026, September 25). Savings Calculator: Interest on Monthly Deposits. https://worldcalculators.org/calculators/savings/

MLA

“Savings Calculator: Interest on Monthly Deposits.” WorldCalculators.org, 25 Sept. 2026, worldcalculators.org/calculators/savings/.

BibTeX

@misc{worldcalculators2026calculatorssavings,
  title        = {Savings Calculator: Interest on Monthly Deposits},
  author       = {{WorldCalculators.org}},
  year         = {2026},
  howpublished = {\url{https://worldcalculators.org/calculators/savings/}}
}

Figures change when tax years or guidance change. Cite the date shown and link the page so readers see the current version.