High-Yield Savings Calculator

See how your money grows in a high-yield savings account with monthly deposits, and how much more you earn than in a typical bank savings account.

Balance with HYSA
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Extra earned with HYSA–
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Example

$10,000 plus $200 a month for 5 years at 4.25% APY grows to about $25,630, including roughly $3,630 in interest. In an account paying 0.4% APY, the same deposits reach only about $22,320, so the high-yield account earns over $3,300 more.

Getting the most from a HYSA

  • Automate deposits on payday so saving happens before spending.
  • Check for fees and minimums. The best accounts have neither.
  • Confirm deposit insurance (FDIC for banks, NCUA for credit unions).
  • Watch the rate. If yours falls well behind competitors, moving is usually quick and free.

What to keep in a HYSA

High-yield savings work best for money you may need within a few years: an emergency fund of 3 to 6 months of expenses, a house down payment, or savings for a car or vacation. For long-term goals like retirement, investing has historically grown faster, with more ups and downs.

Locking in a fixed rate instead? Try the CD calculator. Saving for a target? The savings calculator works out the monthly amount you need.

Last reviewed October 2026.

Frequently asked questions

What is a high-yield savings account?

A high-yield savings account (HYSA) pays a much higher interest rate than a typical savings account, often 10 times more or better. They are mostly offered by online banks and credit unions, and deposits are usually FDIC or NCUA insured up to $250,000 per depositor, per bank.

How is HYSA interest calculated?

Banks quote an APY, which already includes compounding. Most compound daily and pay monthly. This calculator converts the APY to a monthly rate and adds your deposits each month.

Can the rate change?

Yes. HYSA rates are variable and usually move with the Federal Reserve's interest rate decisions. Treat long-term projections as estimates, and check your bank's current APY.

Is HYSA interest taxable?

Yes. In the US, savings interest is taxed as ordinary income in the year it is paid, and banks send a Form 1099-INT if you earn $10 or more. The results here are before tax.

HYSA or CD?

A HYSA lets you add or withdraw money any time but its rate can change. A CD locks a fixed rate for a set term, with a penalty for early withdrawal. Many people keep an emergency fund in a HYSA and use CDs for money they will not need for a while.