Money Market Account Calculator
Project balance in an FDIC-insured money market account with monthly deposits.
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Inputs
$
APY already includes compounding
%
months
$
Final balance
$31,285.36
Interest earned $5,285.36
Total contributions
$26,000.00
Effective yield vs deposit
20.33%
Balance growth
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How it works
APY-consistent growth: principal grows PV·(1+APY)^years; contributions use the effective monthly rate im = (1+APY)^(1/12) − 1 with the standard annuity formula. FDIC-insured up to $250,000 per depositor per bank.
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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