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Compare Savings Rates

Compare Savings Rates

Even a small difference in the interest you are paid on your savings can add up over time. Use this calculator to see how different savings 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.

Compare Savings Rates

A rate of HIGH_RATE earns DIFFERENCE more over YEARS than LOW_RATE.

Your total savings balance would be TOTAL_HIGH_AMOUNT if you save ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY for YEARS, making deposits at the PAYMENT_TYPE of each period. This includes a starting balance of STARTING_AMOUNT and a HIGH_RATE annual rate of return.

Results Summary
  Rate 1 Rate 2 Rate 3
Starting amount STARTING_AMOUNT STARTING_AMOUNT STARTING_AMOUNT
Number of years to save YEARS YEARS YEARS
Additional contributions ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY, at the PAYMENT_TYPE of each period ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY, at the PAYMENT_TYPE of each period ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY, at the PAYMENT_TYPE of each period
Rate of return RATE_OF_RETURN1 COMPOUND_INTEREST RATE_OF_RETURN2 COMPOUND_INTEREST RATE_OF_RETURN3 COMPOUND_INTEREST
Total amount you will have contributed TOTAL_AMOUNT_YOU_HAVE_PAID_IN1 TOTAL_AMOUNT_YOU_HAVE_PAID_IN2 TOTAL_AMOUNT_YOU_HAVE_PAID_IN3
Total at end of investment TOTAL_AT_END_OF_INVESTMENT1 TOTAL_AT_END_OF_INVESTMENT2 TOTAL_AT_END_OF_INVESTMENT3

Savings Balance by Year

**REPEATING GROUP**






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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 dependant on the type of investments you select. From January 1970 to December 2006, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.5% per year (source: www.standardandpoors.com). During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank pay as little as 1% or less.

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 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 additional sales charges and fees that funds may charge.




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