High-Yield Savings Calculator
Updated on 20 Oct 2026 · Checked by Aotob
At 4.2% APY your savings earn $1,989 in 3 years.
That is $1,759 more than at 0.5%, starting with $10,000 and adding $300 a month. Interest may be taxable.
Balance in 3 years
$22,789
Switching would earn about $431 more in the first year. Check the rate is not a short-term bonus.
Show the working
Monthly rate = (1 + 4.2%)^(1/12) − 1 = 0.3434%
Each month: balance × (1 + rate) + 300
After 36 months = 22,789
Interest by rate
| Rate | Interest | Balance |
|---|---|---|
| 0.5% | 230 | 21,030 |
| 2% | 930 | 21,730 |
| 3% | 1,407 | 22,207 |
| 4% | 1,891 | 22,691 |
| 4.5% | 2,136 | 22,936 |
| 5% | 2,383 | 23,183 |
Questions people ask
What is APY?
Annual percentage yield: the yearly growth including the effect of interest being added monthly or daily. In the UK and Ireland the same figure is called AER.
Is my money safe in a high-yield account?
Choose an account covered by your country’s deposit protection: FDIC in the US (up to $250,000), FSCS in the UK (up to £85,000), CDIC in Canada and the Financial Claims Scheme in Australia.
Is the interest taxed?
Usually, as income, though many countries give a tax-free allowance or tax-free accounts. This calculator shows interest before tax.
Updated 20 Oct 2026Source: APY compounding (FDIC Truth in Savings)Checked by AotobAn estimate, not financial adviceReport an issue