Plan Your Savings Goals
Whether you are saving for a down payment on a house, a wedding, or an emergency fund, consistency is key. Use this calculator to see exactly how long it will take to reach your target number based on your monthly contributions.
Maximize Your Interest
If your money is sitting in a traditional checking account, you are missing out on free money. Enter your current balance and a 4.5% interest rate to see exactly how much money a High Yield Savings Account would pay you every single year.
Frequently Asked Questions
A HYSA is a bank account that pays a much higher interest rate than a traditional savings account. As of recent years, many HYSAs offer 4-5% APY, compared to the 0.01% offered by big banks.
In the United States, funds placed in an FDIC-insured savings account are protected up to $250,000 per depositor. They do not carry the risk of the stock market.
Most bank savings accounts compound interest daily or monthly, and pay it out at the end of the month.