2017 RANKING & REVIEWS
TOP RANKING BANK INTEREST CALCULATORS AND MONEY MARKET CALCULATORS
Introduction: The Importance of an Interest Earned Calculator for Your Financial Wellbeing
When it comes earning interest on a bank account or money market account, most of us simply trust the figures the bank sends us.
While earning interest is always nice, it can be difficult to follow the actual interest earned on your savings accounts. Money market account calculators and interest on savings calculators are two great tools that can help you stay on top of the money you rightfully earn through interest.
Award Emblem: Best Bank Interest & Money Market Calculators
In this brief article, AdvisoryHQ will review some of the top money market account calculators and bank savings calculators that you can find online. We will begin by explaining what a bank interest rate calculator or money market account calculator is. We will then offer a comparative table of the top features of each MMA calculator and bank savings calculator reviewed.
In our FAQ section, we take a look at the differences between an interest earning calculator and a money market interest calculator. We also offer information on what features to look for in the top MMA calculator. Lastly, we offer a complete review of six of the top money market interest calculators and bank interest calculator out there.
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What Is a Bank Interest Rate Calculator or Money Market Account Calculator?
If you were to ask your bank how they calculate the interest on your high-yield savings account or money market account, chances are that they would show you some difficult to understand mathematical formulas that not even your high school algebra teacher would understand.
An interest earned calculator or money market calculator is an easy-to-use tool that you can find for free online. With a bank interest calculator or money market account calculator, you can quickly and efficiently calculate the projected amount of interest that you could earn over a certain period of time.
There are a number of different money market account calculators available. Some will allow you to add detailed information regarding periodic deposits and withdrawals, while other simpler money market interest calculators are only useful for fixed investments.
Whichever bank interest rate calculator or money market interest calculator that you use, you should be able to improve your money management and make more concrete financial plans regarding the interest earned on your savings.
AdvisoryHQ’s List of the Top 6 Bank Interest Calculators and Money Market Calculators
List is sorted alphabetically (click any of the interest on savings calculator names below to go directly to the detailed review section for that calculator):
- Bankrate Calculator
- CNN Money Calculator
- Free-Online-Calculator-Use.com Calculator
- INGDirect Calculator
- Nationwide Calculator
- The Calculator Site Calculator
Image Source: Pixabay
Top 6 Best Bank Interest Calculators, Interest Earned Calculators, and Money Market Account Calculators | Brief Comparison
Money Market Calculator | For Money Market Accounts or Regular Bank Accounts? | Can You Add Deposits or Withdrawals? | Free or Paid? |
| Bankrate Calculator | Both | Deposits Only | Free |
| CNN Money Calculator | Bank Account | Deposits Only | Free |
| Free-Online-Calculator-Use.com Calculator | Money Market Account | Deposits Only | Free |
| INGDirect Calculator | Bank Account | Deposits Only | Free |
| Nationwide Calculator | Bank Account | Deposits Only | Free |
Table: Top 6 Money Market Account Calculators and Interest Earning Calculators | Above list is sorted alphabetically
What Is the Difference Between Money Market Interest Calculators and a Bank Interest Rate Calculator?
While one interest earning calculator may work equally well for a money market account and a regular bank account, another money market calculator may only work with one type of account.
A money market account is a type of bank account where the account holder is only allowed a limited number of checks. Whereas a regular bank account offers you more liquidity and greater access to your funds, a money market account is geared toward long-term savings. Because of the decreased liquidity, you usually benefit from a slightly higher interest rate.
A money market calculator, then, is usually a type of interest earned calculator that doesn’t include the option for numerous deposits or withdrawals. A bank interest calculator is another type of interest earned calculator that allows you to input data for numerous regular withdrawals and/or deposits.
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Features to Look for in an MMA Calculator
If you feel that you are ready to take more control over your money management through following more closely the interest earned on your savings, there are a number of features you should be on the lookout for when it comes to the best money market interest calculator or interest on savings calculator.
First and foremost, make sure that the bank interest calculator or money market account calculator that you choose allows you to choose between different forms in which your annual interest is calculated or compounded. Sometimes, banks will determine this for you, while at other times, you can elect how to have your interest compounded.
There will be, however, significant differences in interest earning depending on whether your interest is compounded monthly, quarterly, annually, etc. If the interest earned calculator or money market calculator you are using doesn’t allow for this option, you may not get an accurate calculation.
Secondly, search for an interest earned calculator or money market calculator that allows you to select different numbers of years that you plan to save. If you are considering using a bank interest calculator or money market account calculator, you are probably planning to start saving for some future expense.
By allowing you to change the number of years you plan to save, an interest on savings calculator can help you find out how long you might have to save in order to meet your long-term savings goal.
Lastly, it is also important to search for a bank savings calculator or MMA calculator that allows you to compare savings rates. There aren’t many money market account calculators that have this option. However, by being able to compare rates, you can find out how much more you will earn with a higher rate, helping you decide which bank to start your savings account with.
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AdvisoryHQ’s Selection Methodology
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Detailed Review – Top Ranking Best Bank Interest Calculator and Money Market Calculator
Below, please find the detailed review of each money market interest calculator. We have highlighted some of the factors that allowed these money market interest calculators to score so highly in our selection ranking.
Bankrate Calculator Review
The Bankrate Simple Savings Calculator is a quality money market calculator that can be used for both money market accounts and regular savings accounts. This money market account calculator helps you to easily calculate how your investment will grow over time.
With this bank interest rate calculator, you can choose between monthly, quarterly, semi-annual, and annual compounded interest options and also choose any number of years for your planned savings.
Image Source: Bankrate
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CNN Money Calculator Review
The CNN Money Calculator is another quality option for people searching for the best interest on savings calculator. This bank interest calculator is the only option reviewed here that allows you to choose different regular deposit intervals, including daily, weekly monthly, bi-monthly, quarterly, and annually. You can also choose to find out your interest earnings for days, weeks, months, or years of savings.
Image Source: CNN Money
Free-Online-Calculator-Use.com Calculator Review
Another great option for quality money market interest calculators or an interest earning calculator is offered by Free-Online-Calculator-Use.com. This money market account calculator has a wealth of information on how money market accounts work and how you can best use them for a healthy financial future.
The actual money market account calculator also offers several quality options, including a whole set of different deposit time frames. Furthermore, this money market account calculator will break down your total into total money market account future value, the total amount of deposits, and the total amount of interest earned.
INGDirect Calculator Review
The INGDirect calculator is another bank interest calculator provided by an Australian Bank. While it is geared toward Australian clients, anyone can use this tool in any different currency.
One of the unique features of this money market calculator is that it will display your calculations both as a graph and as a summary chart so that you can understand the best saving option for you.
Image Source: ING Direct
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Nationwide Calculator Review
Nationwide is known primarily as a car insurance company. However, they also offer a quality money market calculator or bank savings calculator. This quality bank interest calculator is the only one reviewed here that allows you to compare different annual percentage yields. You can choose up to three different interest rates, and once calculated, this interest earning calculator will let you know exactly how much more (or less) you’ll earn with different rates.
For those who have several options for where to place their savings, this bank interest calculator might very well be the best option. For example, if a traditional savings account is only offering you a 0.25% interest rate, while a money market account is offering you a 2.5% interest rate, you can see how much more you could earn over a given amount of time with a money market account.
Depending on your personal financial situation, you can then determine whether the additional interest earnings is worth the decreased liquidity that might come with choosing a money market account over a more traditional savings or checking account.
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The Calculator Site Calculator Review
Lastly, The Calculator Site also offers a unique and helpful money market calculator. You can choose between calculating in dollars, euros, or British pounds with this money market account calculator. Additionally, you can choose different options regarding how your interest calculated.
This is also one of the few money market interest calculators that allows you to factor in regular withdrawals, and not only deposits. If you plan to have a regular withdrawal (say a bi-annual withdrawal to pay your school tuition), then this money market calculator will offer you the most accurate calculation of how your interest was earned, despite those withdrawals.
Conclusion – The Best Interest Earned Calculator and Money Market Account Calculator for Your Financial Future
If you really want your savings to work for you and your long-term financial goals, it is important that you do more than simply accept the meager interest rate offered to you by your local bank. A quality bank interest calculator or money market calculator can help you find out how your interest can help you achieve your long-term savings goals.
A money market account calculator or an interest earning calculator is a simple tool that you can find for free online. The more advanced options allow you to factor in periodic withdrawals and deposits, determine how your interest is compounded, and even compare different interest rates to find the quickest path toward your goal.
Whether you choose the Bankrate interest earned calculator, the CNN Money interest earned calculator, the Free-Online-Calculator-Use.com interest earned calculator, the INGDirect interest earned calculator, the Nationwide interest earned calculator, The Calculator Site interest earned calculator, or any other quality bank interest calculator, you will soon find yourself on a path toward a more stable financial future.
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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
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