Savings Account Calculator
To use the calculator, simply enter the amount of money you would like to deposit and the number of months you want to keep it there for. Click "calculate" and you will see a list of accounts with the amount of money you can expect to make, in order of highest to lowest amount. We've factored in all minimum balance requirements and/or monthly fees so you can see exactly which account will be the most financially beneficial for you.
Your Deposit Information:
Why Online Savings Accounts?
It's simple — online savings accounts give you the most bang for your buck by offering higher interest rates than traditional bank accounts. In addition to higher rates, there are several more reasons why online savings accounts are the most convenient way to save. We break it down so you can start saving in just a couple of clicks:
Higher Interest Rates
First and foremost, online banks can afford to offer higher interest rates since the cost of running an online bank is much less than a physical bank. Not having to maintain physical branches and pay more employees saves online banks more money, which they can then pass on to their customers.
Less Temptation to Withdraw Your Money
All of the online banks that we review only allow you to withdraw money six times a month, otherwise you get charged $10 for each withdrawal over six. Why? Federal law limits the number of withdrawals and transfers from all U.S. savings accounts to six per statement cycle. But on the plus side, this helps you keep your money in savings, which means you'll end up earning more money.
Auto-Savings Transfers
This feature allows you to set up automatic transfers from your checking account to your online savings account, so you can continue building your savings without lifting a finger.
Security:
All of the online savings accounts we've reviewed are FDIC-insured and offer the same high level of security that regular banks offer. There is also less of a paper trail when it comes to online savings accounts, which makes them safer.
So how do you choose the best online savings account? With the different online savings accounts out there, the best way to choose the right one is simple: choose the one that will make you the most money. Thus, we've created a free online savings calculator for your convenience.
NextAdvisor Savings Accounts Blog Headlines
Do Online Banks Have Physical Branches?
May 1, 2013
- Q: I noticed that online savings accounts have much higher interest rates, but I still like going into bank branches and speaking with someone in person. Do any online banks have physical branches? A: Some of the online savings accounts
APR vs. APY: What's The Difference?
Mar 22, 2013
- While most consumers know that APR stands for "Annual Percentage Rate" and APY stands for "Annual Percentage Yield," there is still confusion pertaining to what these are used for. When applied to loans and savings accounts, APRs are interest rates
Enter the NextAdvisor $500 Giveaway!
Mar 13, 2013
- Need a little extra spending cash for the summer months? We are giving away a total of $500 to 4 of our lucky Google+ followers! We will be drawing 4 winners over the course of a month. The first winner,
Are Online Savings Accounts Secure?
Mar 6, 2013
- Q: I want to open a savings account with Ally bank but I'm a little skeptical since it's online. Will my money be safe? A: Yes, your money will be just as safe with Ally and the other top online
How to Save: Easy Ways To Build Savings
Feb 28, 2013
- If you've ever tried opening a savings account at a bank only to be frustrated with their numerous requirements and monthly fees, you're not alone. Thankfully, online savings accounts exist. Here are 5 reasons why online savings accounts are an
