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How long until you reach your savings goal?

Put in the goal, what you have and what you can set aside each month. This shows when you get there at your account's rate and at the national average, the deposit that gets you there by a date you pick, and what the rate is worth once the money is sitting there.

Savings goal

No signup, nothing stored.

$10,000
$1,000
$300
3.20%

Default: Ally Bank's posted online savings APY on October 29, 2026, as an example of an online bank's rate. Compared with the FDIC national average of 0.38% (October 2026).

24 months

You reach your goal in

2yrs5mo

Interest by then
$407
At the 0.38% national average
2yrs6mo
Monthly deposit to make it in time
$361

Balance, month by month

Month 0

Your rate National average Goal

Where the money comes from

    An estimate at a constant rate with deposits at the end of each month, before tax. Savings rates are variable. The reasoning and a worked example are in the guide: High-yield savings accounts: what they pay, and how to choose one.

    Six things behind the answer

    1. What the calculator does

      It starts with what you have, adds the same deposit at the end of every month, and grows the balance at the APY you enter. The headline is how long until the balance reaches your goal. Beside it, the same plan in an account paying the national average, and the deposit that would get you there by the month you choose.

    2. Where the two rates come from

      The comparison rate is the FDIC's national rate for savings accounts, 0.38% for October 2026: an average of the rates paid by insured banks and credit unions, weighted by each one's share of domestic deposits (FDIC via FRED). Because the biggest banks hold the most deposits and pay little, it describes where most savings money actually sits. The default for your rate, 3.20%, is what Ally Bank posted for its online savings account on October 29, 2026 (Ally), as an example of a large online bank's rate, not a recommendation. Use the rate your bank shows you.

    3. Deposits reach the goal; the rate keeps it

      On the way to a goal, most of the balance is money you put in, so a better rate shortens the trip by weeks, not years. The rate matters most once the money is there and sits: $15,000 left for five years earns about $2,559 at 3.20% and $287 at 0.38%. That is why the calculator shows what a year at each rate is worth on your goal.

    4. APY, not the interest rate

      APY (annual percentage yield) is the yield after compounding over a year, and federal rules make banks quote it so accounts can be compared (Regulation DD, 12 CFR 1030.4). The calculator converts APY to a monthly growth rate, so a balance left alone for a year grows by exactly the APY whatever the bank's compounding schedule.

    5. Savings rates move

      Rates on savings accounts are variable and tend to follow the Federal Reserve's target for the federal funds rate, which the Fed held at 3.75% to 4.00% on October 28, 2026 (Federal Reserve). The calculator holds your rate constant; treat a goal several years out as a range, not a date.

    6. What this leaves out

      Taxes and inflation. Interest is taxable income in the year it's credited, and banks send a Form 1099-INT when it reaches $10 or more (IRS Topic 403). Prices rose 3.7% over the year to September 2026 (BLS), more than most savings accounts pay, so a goal set in today's dollars buys a little less when you reach it. The guide works through both.

    Questions people ask

    How long will it take to save $10,000?

    Starting from $1,000 and adding $300 a month, about 29 months at 3.20% APY and 30 months at the 0.38% national average. The deposits do most of the work; the higher rate adds about $407 of interest by the time you get there, against about $51.

    How much do I need to save each month to reach a goal?

    Take the gap between the goal and what your current balance will grow to, and spread it over the months you have, allowing for interest. To reach $10,000 in 24 months from $1,000, that is about $361 a month at 3.20% APY, or $373 at 0.38%.

    How much interest does $10,000 earn in a high-yield savings account?

    APY is the answer for one year: $10,000 at 3.20% APY earns $320 in a year if you leave it alone; at the 0.38% national average it earns $38. Interest is taxable in the year it is credited.

    Is the national average savings rate really 0.38%?

    Yes. The FDIC's national rate for savings accounts was 0.38% for October 2026. It is weighted by deposits, so it is pulled down by large banks that pay little and hold most of the money. Many online banks pay several times more.

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    This calculator produces estimates from the inputs you provide at a constant rate. Savings rates are variable, and interest is taxable. It is educational and is not personalized financial advice. We are not paid by any bank named on this page.