![]() Making a larger deposit does allow your money to grow more than, say, a $50 original deposit. You can deposit as much or as little as you want into the calculator but beware that some savings accounts have minimum deposit requirements. You’ll enter this number into the calculator as your starting point. Your starting savings balance is the initial, or principal, amount you deposit into your account. ![]() Starting Savings Balance: The Initial Deposit To find a financial advisor who serves your area, try our free online matching tool. Whether you are building up an emergency fund or saving for a specific goal, a savings calculator can help you see what you need to do in order to get there.Ī financial advisor can help you incorporate your savings into your financial plan. You can set a specific financial goal and see how much you need to contribute each month to reach it or you can set how much money you are able to afford to contribute each month and then see how long it will take you to get there. It can also help you determine how much money to deposit, whether to make monthly deposits and more. This will help you make a more informed decision on which savings account you might want to open. ![]() You can easily change the interest rates, deposits, frequency of interest compounding and the number of years you have to save. It can help you compare and contrast your potential savings for different scenarios. Using a savings calculator allows you to see how fast your money will grow when put in an interest-earning account.
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