Savings Interest Rate Finder

Solve for the APY you need to reach a savings target, or convert a nominal rate to APY.

Inputs

$
$
$
%
Required APY to hit target
$8.71
Monthly compounding, end-of-period deposits
Required rate
8.715%
APY from 5% nominal
5.116%
Total contributions
$29,000.00

How it works

We invert FV = PV(1+i)^N + PMT·((1+i)^N − 1)/i via bisection, where i = APY/12 and N = years × 12. Assumes monthly compounding, end-of-period deposits. APY conversion uses APY = (1 + r/n)^n − 1.

Frequently asked questions

Where should I park savings?

Short-term goals: high-yield savings or short CDs. Long-term: a diversified portfolio.

How big should my emergency fund be?

Most planners suggest 3–6 months of essential expenses, more if income is variable.

What's APY?

Annual Percentage Yield — the rate including compounding. Always compare APYs, not APRs.

Are bank accounts safe?

FDIC-insured accounts are protected up to $250,000 per depositor per bank per ownership category.

Should I lock money in a CD?

Only if you don't need it during the term — early withdrawals carry penalties.

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