Savings accounts and CDs
High-Yield Savings Account (HYSA) Calculator
See how fast your emergency fund or other cash savings could grow in a high-yield savings account, compared with the national average savings rate.
Savings Projection
EstimateHow This Calculator Works
This calculator shows how much your emergency fund or other short-term savings could earn in a high-yield savings account (HYSA) with a starting deposit and monthly additions. It also compares the result with the FDIC national average savings rate (0.42% APY).
Say you move $15,000 plus $400 a month from a traditional bank paying 0.42% APY to an online HYSA paying 4.50% APY. Over three years that earns about $2,800 more in interest, and the money stays FDIC-insured up to the limits.
Frequently Asked Questions
Are high-yield savings accounts FDIC insured?
Yes, if the bank is FDIC-insured. Credit unions offer the same protection through the NCUA. Deposits are covered up to $250,000 per depositor, per insured bank, for each account ownership category.
Is savings account interest taxable?
Yes. Interest from a savings account, money market account or CD is taxed as ordinary income at your federal and state rates for the year it is credited. Your bank reports it to you on IRS Form 1099-INT.
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