HYSA Calculator 2026
HYSA calculator 2026: see what a high-yield savings account could earn from an opening deposit and monthly deposits at the APY you enter, compared with the FDIC national savings rate.
What a high-yield savings account could earn
Enter an opening deposit, what you add each month, the APY and how many months. The calculator shows the balance, the interest earned, and how much interest the same deposits would earn at the FDIC's national savings rate, so you can see what the higher rate is worth.
Worked example
Hypothetical example. You open an account with $5,000 and add $200 a month for 24 months. At a 4.00% APY that stays the same, the balance reaches $10,393.12: $9,800 deposited and $593.12 of interest. At the FDIC's national savings rate of 0.38% (October 19, 2026), the same deposits would earn $55.56.
How the interest is calculated
Federal Truth in Savings rules (12 CFR part 1030, Regulation DD, Appendix A) define the APY as the yearly yield including compounding, assuming principal and interest stay on deposit. The calculator compounds monthly at (1 + APY)1/12 − 1, so a year with no deposits earns exactly the APY, and adds each month's deposit at the end of the month. Your bank's compounding and crediting dates may differ slightly.
FDIC national deposit rates
| Account | FDIC national rate |
|---|---|
| Savings | 0.38% |
| Money market | 0.63% |
| Interest checking | 0.07% |
Source: FDIC, National Rates and Rate Caps, "Monthly Rate Cap Information as of October 19, 2026", retrieved October 31, 2026. Savings and interest checking rates use the $2,500 product tier; money market rates average the $10,000 and $100,000 tiers. Download (CSV).
Taxes and insurance
Interest on bank accounts is taxable interest, and a bank sends a Form 1099-INT when it paid you $10 or more (IRS, Topic no. 403, Interest received, updated October 7, 2026, retrieved October 31, 2026). The calculator shows interest before tax and does not give tax advice.
FDIC deposit insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category (FDIC, Understanding Deposit Insurance, retrieved October 31, 2026).
What this calculator does not do
It does not know any bank's current APY, model rate changes, minimum-balance tiers, fees or taxes, or tell you where to keep your savings. It shows the outcome of the numbers you enter.
Compare current accounts on our high-yield savings page. For money you can lock away for a fixed term, the CD calculator shows what a CD would pay; for long-term investing, try the compound interest calculator.
Sources: FDIC National Rates and Rate Caps (as of October 19, 2026), 12 CFR part 1030 Appendix A, IRS Topic no. 403 and FDIC Understanding Deposit Insurance, all retrieved October 31, 2026. General information, not financial advice.
Frequently Asked Questions
How is interest on a high-yield savings account calculated?
Banks quote an APY (annual percentage yield), which includes compounding: a balance left alone for a year earns the APY. This calculator compounds monthly at the rate that makes 12 months equal the APY and adds your deposits at the end of each month.
Is the APY on a savings account fixed?
No. Savings APYs are variable, and banks can change them. The calculator assumes the APY you enter holds for the whole period, so treat the result as an estimate.
What is the average savings account rate?
The FDIC's national rate for savings accounts was 0.38% as of October 19, 2026. It is an average across banks; many online savings accounts pay more.
Is interest from a savings account taxable?
Generally, yes. The IRS lists interest on bank accounts as taxable interest, and you should receive a Form 1099-INT if you were paid $10 or more. You report taxable interest on your federal tax return. This page does not give tax advice.
Is a high-yield savings account insured?
At an FDIC-insured bank, deposits are covered up to $250,000 per depositor, per FDIC-insured bank, for each account ownership category.
High-yield savings or a CD?
A savings account lets you withdraw any time at a rate that can change; a CD fixes the rate for a term and usually charges a penalty for early withdrawal. The CD rate calculator shows what a CD would pay and what breaking it early would cost.