Use the free Amex High Yield Savings Calculator on ToolVexa to estimate how a high-yield savings balance could grow. Enter your initial deposit, the annual percentage yield and the number of years, press Calculate, and the estimated balance and interest appear straight away.
How to Use
Enter the amount you start with, the APY as a percentage and how many years the money stays in the account. Press Calculate to see the estimated balance at the end of that period and the interest earned. Try a different APY to see how a rate change affects the result.
Formula in Plain Words
The balance grows by compound interest. Each year, the balance is multiplied by one plus the APY, so interest in later years is earned on earlier interest as well as on the original deposit. The estimated balance equals the deposit multiplied by that yearly growth factor, raised to the number of years.
Worked Example
A $5,000 deposit at a 4% APY for 2 years grows to $5,408.00. The interest earned is $408.00. This example assumes no withdrawals or extra deposits and a fixed APY for the whole period.
FAQs
What is APY? APY is the annual percentage yield. It shows the yearly return including compound interest, so it is a useful way to compare savings accounts.
Can the APY change? Yes. High-yield savings rates can move with market rates, so a real balance may differ from this estimate.
Is this an official account offer? No. This is an independent estimate for planning only, not an offer from any bank.