2017 RANKING & REVIEWS
BEST SAVINGS INTEREST CALCULATORS
Find the Best Savings Account Interest Calculator for 2017
Whether you’re saving for retirement, a dream vacation to Hawaii, or for your child’s education, a savings interest calculator can help you make a plan to meet your goals.
When you can calculate interest on savings at different levels and see in real time how the difference in interest rates makes an impact, it’s easier to choose the smartest savings plan for the future.
According to the Bureau of Economic Analysis, personal saving was $860.2 billion in October 2016, and the personal saving rate, which is personal saving as a percentage of disposable income, was 6.0 percent. But many experts recommend saving at least 10% to 15% of your income, and this is where an interest savings calculator can really help.
Award Emblem: Top 6 Best Savings Interest Calculators
In our 2017 ranking, we’ve looked through the best savings account interest calculator sites to find the 6 top tools you can use to calculate interest on savings. We’ve included different types, including a compound interest savings calculator and a downloadable Excel-compatible interest rate savings calculator.
So, you have many different ways to calculate savings interest, from a simple interest calculator for savings to the more detailed. The great news is that all are free to use and will help you understand the difference between low- and high-interest savings account calculator outputs and what you need to save each month to meet your goals.
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AdvisoryHQ’s List of the Top 6 Best Savings Account Interest Calculator Sites
List is sorted alphabetically (click any of the calculator names below to go directly to the detailed review section for that calculator):
- Bankrate Compound Interest Savings Calculator
- CNN Money Savings Interest Calculator
- Feed the Pig Savings Goals Calculator
- Nationwide® High-Interest Savings Account Calculator
- The Calculator Site Savings Account Interest Rate Calculator
- Vertex42 Downloadable Savings Compound Interest Calculator
Top 6 Best Savings Interest Rate Calculator | Brief Comparison & Ranking
| Savings Interest Calculators | Graph | Use Offline |
| Bankrate Compound Interest Savings Calculator | Yes | No |
| CNN Money Savings Interest Calculator | No | No |
| Feed the Pig Savings Goals Calculator | Yes | No |
| Nationwide® High-Interest Savings Account Calculator | Yes | No |
| The Calculator Site Savings Account Interest Rate Calculator | Yes | No |
| Vertex42 Downloadable Savings Compound Interest Calculator | Yes | Yes |
Table: Top 6 Best Savings Account Interest Calculator | Above list is sorted alphabetically
Interest Savings Calculator FAQ | What Is Compound Interest?
When you’re reviewing a savings account interest calculator you might run across the option for “compound interest” and be wondering what that means, exactly. You can think of compound interest as a type of interest upon interest. It is calculated on the initial principal of a savings account in addition to the accumulated interest from previous periods.
Image Source: Bankrate
The rate at which compound interest accrues is dependent upon the frequency of compounding—i.e., monthly, quarterly, annually. So when you’re using a savings interest rate calculator it is good to know that the higher the number of compounding periods, the greater the compound interest. So if you are compounding interest quarterly at 5% on $1,000, you’ll get more money than if it were compounded annually.
You’ll see that some of the interest savings calculator choices in our top 6 list include an option for compounding interest for different period frequencies. This can help you see the correlation of compounding when you calculate interest on savings.
Here are some great resources to help understand a compound interest savings calculator:
Interest Savings Calculator FAQ | How to Calculate Personal Saving Rate
As we mentioned earlier, some experts say that your personal saving rate should be in the 10% to 15% range in order to plan for your future and cover any emergency expenses, such as a car breakdown.
Image Source: Pixabay
We know that according to the U.S. Bureau of Economic Analysis that the average in American households is about 6% for savings.
So, how do you estimate your personal saving rate when you calculate savings interest?
There are a few simple steps you can take to estimate how much you’re saving now in comparison to your goal personal saving rate is when you use an interest rate savings calculator.
Step #1: Estimate your personal savings:
- Contributions to retirement accounts by you and an employer
- Your own savings account contributions
Step #2: Calculate your total income, minus taxes:
- Include your net pay, minus taxes paid
- Add any other additional income
Step #3: Calculate savings rate based upon Step 1 and 2:
- Divide your personal savings (Step 1) by income less taxes (Step 2) and multiply the result by 100 to change the decimal to a percentage.
So, if you contributed $1,500 to savings this year, and your income minus taxes was $45,000, then your personal saving rate would be 3.33 percent.
Everyone’s personal savings rate is, of course, subjective upon their own financial picture, but it is good to know the averages and how to calculate it when you’re looking at a savings account interest calculator because it can give you tools to make the best roadmap possible for your financial future.
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AdvisoryHQ’s Selection Methodology
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Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review—Top Ranking Best Savings Interest Rate Calculator
Below, please find a detailed review of each site on our list of saving account interest calculator tools. We have highlighted some of the factors that allowed these interest calculator for savings sites to score so high in our selection ranking.
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Bankrate Review
Bankrate offers a savings compound interest calculator that allows you to see the difference between interest compounded daily, monthly, quarterly, and annually. This is incredibly helpful because it associates figures to the compounding that helps people calculate savings interest in a way that is understandable in real dollar amounts.
This savings account interest calculator is very easy to use and has just 6 inputs which are:
- Starting amount of savings
- # of years of savings
- Rate of Return (interest)
- Additional savings contributions
- Frequency of savings contribution
- Interest compound frequency
This savings compound interest calculator also includes a handy graph to show the amount you can save based upon the data inputs. They also include a nice glossary of explanations for each of the sections of their savings interest rate calculator.
Find the Bankrate compound interest savings calculator here.
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CNN Money Review
CNN Money has one of the simplest and easiest on the eyes savings account interest rate calculator tools you can find. It’s designed to be very easy to use and gives you the amount you invested in savings, your interest rate input, and what your money will grow to in your designated number of years.
Image Source: CNN Money
This interest calculator for savings is one of the easiest to use of the group, with 6 inputs:
- Initial savings deposit
- Interest rate
- Additional deposits (if any)
- Frequency of additional deposits
- Length of savings: numeral
- Length of savings: term (days/weeks/months/years)
This saving account interest calculator is made to be quick, easy, and simple to understand. If you just want a fast idea of how to calculate interest on savings without all the bells and whistles, then this will be your favorite tool.
Find the CNN money savings interest calculator here.
Feed the Pig Savings Review
Feed the Pig, who you may know from their clever television commercials, is sponsored by the American Institute of CPAs (AICPA) and The Advertising Council. They have a savings account interest rate calculator that focuses on your savings goals.
This is one of the reasons we chose them for our top 6 savings account interest calculator tools—their calculator comes from a different perspective than others and lets you use your personal goal as the target, and it shows you what you have to do to reach it.
Image Source: Feed the Pig
This savings interest rate calculator is fairly easy to use with 6 inputs:
- Savings goal
- Years to save
- Amount currently saved
- Monthly savings contribution
- Expected rate of return (interest)
- Expected inflation rate
This goal-based interest rate savings calculator gives you a handy report that includes savings results by year that helps you see your savings path annually so you can make the best decisions to reach your goal as you calculate savings interest based upon multiple factors.
Find the Feed the Pig savings goal calculator here.
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Nationwide® Review
Nationwide is well known as an insurance company that offers home, auto, life, and annuity insurance. We chose their calculator on our top 6 list because it was the only one that was a low- to high-interest savings account calculator. It allows you to put in three different savings interest rates, so you can see how each will impact your savings goals.
This savings account interest calculator has just one more input than the others. Inputs include:
- Starting savings amount
- Years of savings
- Additional savings contributions
- Additional contribution frequency
- Comparison savings rate #1
- Comparison savings rate #2
- Comparison savings rate #3
This savings interest rate calculator gives you a nice graph comparing your amount of savings per year based on the three interest rates you input. You also get a report that details the savings per year for each interest rate, which makes a really nice roadmap to help you understand and plan your savings.
Find the Nationwide high-interest savings account calculator here.
The Calculator Site Review
With a name like The Calculator Site, you know they have some of the best and easiest-to-use online calculators around, and their savings account interest calculator is one of them. The calculator offers two tabs, one for regular deposit savings and one for a simple savings calculation. They’re also unique in that you can choose different currencies.
This interest savings calculator is pretty straightforward, with either 6 or 7 inputs, depending upon which you choose:
- Savings currency
- Initial savings amount
- Annual interest rate
- Savings time frame in years or months
- Regular monthly deposits or withdrawals
- Compound interest calculation period
Their savings interest rate calculator provides both a table calculation and a visual graph to help you understand your savings in the way that speaks to you best. They also include some nice features on their site based on a compound interest savings calculator and details on how long it will take you to save to meet your goals.
Find the Calculator Site savings account interest rate calculator here.
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Vertex42 Downloadable Review
The thing that made the Vertex42 savings interest calculator stand out was that it is designed to be used offline. You can just answer two questions, no personal information or email is required, and then download their savings account interest calculator as an Excel, OpenOffice, or Google Sheets compatible file.
Image Source: Vertex42
The offline option gives you more freedom to calculate interest on savings anytime and anywhere, with no Internet connection needed. This option makes Vertex42 a very unique savings interest rate calculator.
Once you’ve answered the two questions and downloaded this offline savings interest calculator, there are a few different input options you can use to chart your savings:
- Years of savings investment
- Initial savings
- Expected annual interest rate
- Scheduled deposit amount
- Scheduled deposit frequency
- Additional annual investments
With this downloadable savings account interest calculator, you get a detailed output of the estimated future value of your savings account and a graph that shows balance and investment over time. Best of all, you can use it anytime without needing to have an Internet connection.
Find the Vertex42 downloadable savings compound interest calculator here.
Conclusion—Top 6 Savings Interest Rate Calculator Tools
It’s always smart to save for the future, whether it is for a long-term goal or just to have a cushion in case of an emergency. These top 6 savings account interest calculator tools can help give you the knowledge you need to make the right financial decisions for your future.
Whether you prefer a simple savings interest calculator with minimal inputs or would rather use a compound interest savings calculator that gives you graphs and reports showing your potential savings value per year, you can find what you need for free and from one of our top 6 savings interest rate calculator tools.
No matter what you are saving toward, these sites can help you calculate interest on savings, which gives you the information you need to make an educated plan to reach your goals for a happy financial future.
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