Compound interest is how your money makes money. Enter the amount you have at the start, such as in your savings account, your interest rate, how long the money will be growing, and how often it compounds, which can range from continuously to annually.
If you are unsure of how often your account or bank will compound interest, ask a bank customer service representative or check your disclosure documents.
Whether you're happy with your current bank or want to make the switch, try using the compound interest calculator below and experiment with savings account rates you've seen advertised.
The national average rate for non-jumbo savings accounts (accounts less than $100,000) is 0.06%, according to the Federal Deposit Insurance Corporation rates updated May 9. MoneyRates.com lists the best savings account rates with some rates up to 2%. See if changing banks is better for your finances by calculating different savings rates.
Use the compound interest calculator below to find out how your savings will grow over time.