High Yield Savings Calculator
Calculate your high-yield savings account (HYSA) earnings with our free calculator. HYSAs offer 10-20x higher interest rates than traditional banks while maintaining full FDIC insurance and easy access to your money—the ideal home for emergency funds and short-term savings.
HYSA vs Traditional Savings (2024)
| Account Type | Typical APY | $10,000 Earns (1 year) | Provider Type |
|---|---|---|---|
| Big Bank Savings | 0.01-0.05% | $1-$5 | Chase, BofA, Wells Fargo |
| Credit Union | 0.10-1.00% | $10-$100 | Local credit unions |
| High-Yield Savings | 4.50-5.25% | $450-$525 | Marcus, Ally, Discover |
| Online-Only HYSA | 4.75-5.30% | $475-$530 | SoFi, Wealthfront, Betterment |
HYSA Growth Projections
| Starting Balance | APY | 1 Year | 3 Years | 5 Years |
|---|---|---|---|---|
| $5,000 | 5.00% | $5,250 | $5,788 | $6,381 |
| $10,000 | 5.00% | $10,500 | $11,576 | $12,763 |
| $25,000 | 5.00% | $26,250 | $28,941 | $31,907 |
| $50,000 | 5.00% | $52,500 | $57,881 | $63,814 |
HYSA Calculator
``javascript
function calculateHYSA(principal, apy, years, monthlyDeposit = 0) {
const monthlyRate = apy / 100 / 12;
const months = years * 12;
let balance = principal;
for (let m = 0; m < months; m++) {
balance = (balance + monthlyDeposit) * (1 + monthlyRate);
}
const totalDeposits = principal + (monthlyDeposit * months);
const interestEarned = balance - totalDeposits;
// Compare to traditional savings (0.05% APY)
const traditionalEarnings = principal * 0.0005 * years;
const hysaAdvantage = interestEarned - traditionalEarnings;
return {
finalBalance: balance.toFixed(2),
interestEarned: interestEarned.toFixed(2),
vsTraditionalSavings: '+$' + hysaAdvantage.toFixed(2),
monthlyInterestAvg: (interestEarned / months).toFixed(2)
};
}
``
Choosing the Best HYSA
Look beyond APY alone. Consider: no monthly fees, no minimum balance requirements, easy transfers to external banks (ACH), mobile app quality, ATM access if offered, and customer service reputation. The top online banks (Marcus, Ally, Discover) consistently offer competitive rates with excellent features.