Savings Calculator
The highest nationwide savings APY on Banksparency is 4.50% APY, advertised by GO2bank on its High Yield Savings. The calculator offers the 10 highest nationwide savings rates, one product per bank.
Project your savings
Select a product and the projection reads that account's own terms: its rate tiers, its balance cap and any promotional period. Enter a custom APY instead and the projection applies that one rate to every dollar, because a rate you type carries none of those terms. The year-by-year schedule under the illustrations shows the balance at the end of each year.
Savings Breakdown
- Interest Earned+$967.40(6.5%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,967.40
Against the national average
- Interest on the selected rate
- $967.40
- Interest at 0.37% APY, Sep 2026
- $138.50
- Difference
- $828.90
The FDIC national average savings rate is 0.37% APY (Sep 2026). On this plan it returns $138.50. The selected rate returns $967.40, a difference of $828.90 more than the average.
Details for
GO2bank - High Yield Savings
- APY range
- 4.50%
- Minimum deposit
- $0
- Min balance for APY
- $0
- Direct deposit required
- No
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Savings growth illustrations
How a $1,000 initial deposit grows after 5 years at different APYs, with and without recurring $100 contributions.
| APY | No Recurring | Monthly | Biweekly | Weekly |
|---|---|---|---|---|
| 1.00% APY | $1,051.00 | $7,200.20 | $14,377.30 | $27,706.10 |
| 1.50% APY | $1,077.30 | $7,302.40 | $14,569.50 | $28,065.60 |
| 2.00% APY | $1,104.10 | $7,406.00 | $14,764.20 | $28,429.60 |
| 2.50% APY | $1,131.40 | $7,511.00 | $14,961.40 | $28,798.00 |
| 3.00% APY | $1,159.30 | $7,617.40 | $15,161.10 | $29,170.90 |
| 3.50% APY | $1,187.70 | $7,725.20 | $15,363.30 | $29,548.30 |
| 4.00% APY | $1,216.70 | $7,834.60 | $15,568.10 | $29,930.30 |
| 4.50% APY | $1,246.20 | $7,945.40 | $15,775.40 | $30,316.90 |
| 5.00% APY | $1,276.30 | $8,057.70 | $15,985.40 | $30,708.20 |
Illustrative estimates. Actual results may vary based on compounding frequency and bank policies.
Year by year: GO2bank - High Yield Savings
| Year | Balance | Total contributions | Interest that year | Interest to date |
|---|---|---|---|---|
| Year 1 | $3,700.80 | $3,600.00 | $100.80 | $100.80 |
| Year 2 | $6,506.60 | $6,200.00 | $205.80 | $306.60 |
| Year 3 | $9,326.90 | $8,800.00 | $220.30 | $526.90 |
| Year 4 | $12,147.10 | $11,400.00 | $220.20 | $747.10 |
| Year 5 | $14,967.40 | $14,000.00 | $220.30 | $967.40 |
How the calculator reads a rate
APY and compounding
APY already holds the effect of compounding, so two accounts with the same interest rate can carry different APYs when their compounding periods differ. Under federal Regulation DD (Truth in Savings), a bank must calculate and display APY with one standard formula. That is why Banksparency compares APYs and not nominal rates.
Tiers, caps and promotional periods
An advertised rate can carry a shape behind it, and three shapes are common. A tier applies one rate to a band of the balance and another rate to the band above it. A cap applies the headline rate only up to a stated balance. A promotional period applies the headline rate for a set number of months, and a lower rate after it ends.
A condition is a fourth shape: the headline rate applies only while a direct deposit, a transaction count or an enrolment stays in place. Each one moves the effective rate away from the headline. The projection applies the tiers, the cap and the promotional period the product record carries. Where the headline rate needs a condition, the projection assumes the condition is met, and the details card names it.
What the projection leaves out
It leaves out tax, which is due on interest in the year it is earned. It leaves out account fees and the cost of falling under a minimum balance. And it holds the rate flat, so it does not model a rate change after today. Treat the result as an illustration of today's terms over the period, not as a promise about the balance at the end of it.
What the gap is worth
The national average against the top rate
The FDIC national average for savings accounts is 0.37% APY as of Sep 2026. The highest nationwide rate in this pool is 4.50% APY, a spread of 4.13 percentage points. On $10,000 held for one year, that spread is worth about $413 before tax.
Regular contributions
The recurring deposit field moves the projection because each deposit starts to compound from the period it lands. A steady amount added every month passes a larger one-time deposit given enough time. Set the recurring field to an amount you can keep up, then compare the result with it and without it.
Rates move
A savings rate follows the Federal Reserve's benchmark rate, but each bank sets its own rate. The size of a change and the delay before it arrives differ from bank to bank, and a rate can move at any time. The projection holds the rate you select flat for the whole period, so read the result as what today's advertised rate is worth over that period and not as a forecast.
Other places to hold cash
What T-bills, I bonds, brokerage sweeps and cash bonuses trade for their yield
Treasury bills
A Treasury bill is a short-term loan to the federal government, bought at a discount and redeemed at face value on a fixed date. Interest on it is exempt from state and local income tax, which raises what it keeps for a saver in a state that taxes income. The trade-off is the fixed date: you choose a maturity and hold to it, or sell on the secondary market, so the money is not available on the same day the way a savings balance is.
I bonds
A Series I savings bond combines a fixed rate held for the life of the bond with an inflation rate that resets twice a year, so its return tracks prices rather than the Federal Reserve's benchmark. The trade-off is access: the money is locked for the first twelve months, a redemption before five years gives up some interest, and a purchase limit applies each year, so it cannot hold an emergency fund.
Brokerage cash sweeps
Uninvested cash in a brokerage account sits in a default sweep, which moves it into a bank or a fund the broker chooses. The trade-off is that the default is set for convenience, not for yield: the same broker usually offers a money market fund that a customer must select, and a sweep balance earns whatever the default carries until someone moves it.
Cash sign-up bonuses
A bank can offer a one-time cash amount for opening an account and meeting a condition, such as a deposit held for a set number of days. The trade-off is repetition: the cash arrives once and the conditions end, while a higher advertised rate returns every year the balance stays. Compare a bonus against a rate over the period you expect to keep the account, not over the first month.
Savings calculator questions
What does APY include?
APY is the annual percentage yield. It states the return over one year with compounding included, so two accounts with the same interest rate carry different APYs when their compounding periods differ. Regulation DD, the Truth in Savings rule, sets one formula for it, which is why an APY from one bank compares with an APY from another.
Does the projection model tiers, caps and promotional periods?
Yes, when you select a product. The projection reads that product's rate tiers, its balance cap and any promotional period from the same record the rate comes from, and it applies them to the balance as it grows. A custom APY ignores all three: it applies the one rate you type to every dollar for the whole period.
Why does the result differ from the advertised rate?
Three reasons. A tier or a balance cap can put part of the balance on a lower rate, so the effective rate over the period sits under the headline. A promotional rate ends inside the period and the rate that follows applies after it. And a recurring deposit earns for less than the full period, because it lands after the start. The projection also assumes the rate holds, which no rate does.
What is the FDIC national average for savings accounts?
It is 0.37% APY as of Sep 2026. The FDIC publishes it as a deposit-weighted average across insured institutions, so it holds the large branch accounts and the online accounts together. It is a benchmark for the market, not a rate a saver can open.