How much should I save each month to reach $10,000?
To reach $10,000 from nothing, save about $832 a month for one year, $416 for two years or $277 for three, at the FDIC's 0.37% national average savings rate. If you already have some saved, you need less: the calculator subtracts it and counts the interest it earns too.
| Goal | 12 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|
| $5,000 | $416 | $208 | $139 | $83 |
| $10,000 | $832 | $416 | $277 | $166 |
| $25,000 | $2,080 | $1,038 | $691 | $413 |
| $50,000 | $4,160 | $2,076 | $1,382 | $826 |
At a 4.25% high-yield rate the same goals take $409, $401 and $654 a month for $5,000 in a year, $10,000 in two and $25,000 in three: a little less, because interest covers part of the goal.
How do I calculate how much to save each month?
Without interest, divide what you still need by the number of months: (goal − saved) ÷ months. With interest, the deposit is (goal − saved × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where n is the number of months and r is the monthly rate, (1 + APY)^(1/12) − 1. That assumes you deposit at the end of each month.
Say you have $2,000 toward a $10,000 goal in 24 months at 0.37%. Your $2,000 grows to $2,015, leaving $7,985 to save, and the formula gives $332 a month. Without interest it would be $8,000 ÷ 24, or $334.
How much does a high-yield savings account help?
On a $10,000 goal over three years, a 4.25% APY lowers the monthly deposit from $277 to $262 and earns $595 in interest, against $54 at the 0.37% national average. On October 8, 2026, the best savings accounts with no minimum balance or other conditions paid 4.25% to 4.34% APY, more than 11 times the national average.
| APY | Monthly deposit | You put in | Interest earned |
|---|---|---|---|
| 0% | $278 | $10,000 | $0 |
| 0.37% (national average) | $277 | $9,946 | $54 |
| 1% | $274 | $9,856 | $144 |
| 2% | $270 | $9,714 | $286 |
| 3.1% | $266 | $9,561 | $439 |
| 4.25% (high-yield) | $262 | $9,405 | $595 |
The 0.37% national average comes from the FDIC's national rates, published September 21, 2026: an average across insured banks and credit unions, weighted by their deposits. Online banks pay much more. In Motley Fool Money's roundup of rates from the banks on October 8, 2026, the best accounts with no minimum balance or other conditions paid 4.25% to 4.34%, and Ally Bank's savings account paid 3.1% on October 16, 2026. Savings rates are variable and can change after you open an account.
Why does interest matter so little for short-term goals?
Because the balance is small for most of the time. A year at the 0.37% national average earns $3.70 on $1,000 and $37 on $10,000. Even at 4.25%, $1,000 earns $42.50 a year. Over a year or two your deposits do almost all the work; interest counts for more on bigger balances and longer timelines.
| Balance | At 0.37% | At 3.1% | At 4.25% |
|---|---|---|---|
| $1,000 | $3.70 | $31.00 | $42.50 |
| $5,000 | $18.50 | $155.00 | $212.50 |
| $10,000 | $37.00 | $310.00 | $425.00 |
| $25,000 | $92.50 | $775.00 | $1,062.50 |
| $50,000 | $185.00 | $1,550.00 | $2,125.00 |
Interest is taxable, too: the IRS counts bank interest as income, and a bank that pays you $10 or more in a year sends a Form 1099-INT. So for most short goals, the deposit is the lever that matters. A higher rate is worth having, but it won't make up for skipping months.
Saving for an emergency fund, down payment, vacation or car
The buttons above the calculator start you from a common goal. The amounts are examples to change, except the down payment, which is figured from published numbers.
How much should I save for a down payment?
The median first-time buyer put 10% down and the median repeat buyer 23%, according to the National Association of Realtors' 2025 Profile of Home Buyers and Sellers. On the $417,500 median existing-home price in September 2026, 10% is $41,750: about $1,154 a month for three years at the national average rate, or $1,091 at 4.25%. Closing costs are extra. To see what that home would cost each month, try the mortgage calculator.
How much should I have in an emergency fund?
It depends on your monthly costs and how steady your income is, which is what the emergency fund calculator works from. A first goal can be small: in the Federal Reserve's survey of household finances for 2025, 63% of adults said they would cover a $400 emergency expense with cash or its equivalent. Saving $84 a month builds $1,000 in a year.
Vacations and cars
Price the trip or the car first, then set the date. A $5,000 trip a year away takes $416 a month; a $20,000 car in three years takes $553. The travel budget calculator adds up flights, lodging and daily costs for a trip.
Where should I keep money for a savings goal?
Somewhere insured that you can reach when the date comes. In the FDIC's national averages published September 21, 2026, savings accounts paid 0.37%, money market accounts 0.63% and 12-month CDs 1.73%; online high-yield accounts paid far more. Deposits are insured to at least $250,000 at each FDIC-insured bank. A CD usually charges a penalty if you take the money out early, so match its term to your goal date.
How the calculator works
- Interest compounds monthly at the rate that adds up to your APY over a year: (1 + APY)^(1/12) − 1.
- Each deposit lands at the end of its month, so it starts earning the month after. What you've already saved earns from the start.
- The monthly deposit is the amount that lands exactly on your goal in the last month. It is rounded up to the dollar, so it is never shown short.
- Interest earned is the goal minus what you had and what you deposit. With a monthly amount of your own, the projected date is the first month your balance reaches the goal.
- Picking a date counts the months from this month in your browser. Nothing you type leaves your browser.