High-Yield Savings Account (HYSA) Calculator
Free high-yield savings account calculator: interest earned in a HYSA with monthly deposits, and how much more it pays than your current savings account.
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What it does
A high-yield savings account (HYSA) is a US savings account, usually at an online bank, that pays several times the interest of a typical savings account at a large branch bank, while keeping the money available and insured. This calculator shows the interest a HYSA would pay on your deposits, compares it with the account you have now and shows the balance month by month.
How to use it
- Type how much you will deposit now and each month.
- Type the APY of the HYSA and the APY of your current savings account.
- Choose the number of months and compare the interest of both accounts.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Is a high-yield savings account safe?
Yes, if the bank is insured by the FDIC (or the credit union by the NCUA): deposits are covered up to $250,000 per depositor, per bank, per ownership category. Check the insurance before opening the account.
Can the rate change?
Yes. HYSA rates are variable and usually follow the Federal Reserve's rate decisions. To lock a rate for a set time, a certificate of deposit (CD) is the alternative.
Is the interest taxed?
Yes. Interest from a savings account is ordinary income for federal and most state income taxes. Banks send Form 1099-INT when the interest for the year is $10 or more.
What is the difference between APY and the interest rate?
The APY includes compounding, so it is what you really earn in a year. Compare accounts by their APY; this calculator uses the APY and turns it into the equivalent monthly rate.
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