💵 Simple Savings Calculator
Quickly estimate how much a deposit will earn using straightforward simple interest, with no compounding involved.
What is simple interest?
Simple interest is calculated only on the original principal, unlike compound interest, which also earns interest on previously earned interest. It’s a straightforward way to estimate returns on things like short-term loans, certain bonds, or basic savings scenarios.
The formula
The calculator uses the classic simple interest formula: Interest = Principal x Rate x Time. It then adds that interest to your original principal to show the total balance at the end of the period.
This tool is for general planning and education. Most modern savings accounts actually use compound interest, which will grow your balance faster than this simple-interest estimate for the same stated rate.