Compound Interest Calculator

Did you know that banks will pay you for the privilege of holding on to your money? It's true—banks offer savings accounts that pay you a percentage of the money you put in. That payment is called interest.

The bank will also pay you interest on the money it has already paid you. That payment is called compound interest, and it can help your savings grow larger than you may have thought possible. Our calculator below shows just how easy it is for you to turn a few hundred dollars into a few hundred thousand dollars.

• Step 1: Select the amount of money you'll use to start your savings account.
• Step 2: Select the amount of money you'll contribute each month.
• Step 3: Select the interest rate you're receiving on your savings account, and whether it's applied to the money in the account ("compounded") monthly or yearly.