Interest rates can greatly impact your long-term savings goals. A savings account with high interest earnings will help to prevent inflation from slowly eroding the value of your hard-earned funds. To understand how much interest your savings account will earn over time, enter your savings information, including your starting balance, how much you will contribute to the saving account each month, and the annual percentage yield (APY).
Remember, the interest you earn from your savings account will be considered taxable, even if it’s only a few dollars. To calculate how much of your interest will be taxed, be sure to also enter your income tax bracket information below.
NOTE: Calculators are provided to help you determine how a loan, line of credit or deposit account may affect your budget. The results offered are estimates and do not guarantee available loan terms, cost savings or tax benefits. Neither Nationwide nor Axos Bank guarantee your results as determined using this calculator.