Savings Account Interest Calculator

This Savings Account Interest Calculator is an online personal finance assessment tool to calculate the total maturity amount and the total interest based on the selection of monthly, quarterly, semi-annually and annually compound frequencies, interest rate and total time period of the deposited money in the Bank.

Savings accounts are created for the sole purpose of putting aside a part of income that comes in handy during retirement, emergencies or any future purchase. Savings Accounts are accounts opened by individuals and maintained by banks, credit unions and other financial institutions. Savings accounts pay interest on money which is deposited in the account. However, the money held in the savings account cannot be spent directly, such as by writing a check. Savings accounts are mainly aimed at allowing account holders to set aside a portion of their liquid assets as a part of their savings strategy. Savings accounts that offer better interest rates to account holders are preferred, as they allow savings to accrue faster. By using this savings account interest calculator one can determine interest amounr for various parincipal, interest rates and compounding frequency to select the best savings option.