How much could you earn with a savings account? Learn how to calculate interest on a savings account with this guide.

Compound interest can help turbocharge your savings and investments, or it can quickly lead to an unruly balance, keeping you stuck in a cycle of debt. Its magic can help you earn more — or owe more.

Our compound interest calculator is simple to use. All you need to do is fill in the following fields: Initial deposit: The amount of money you currently have saved and will use to fund your account.

The effective annual interest rate shows the true yearly cost of borrowing or return on investment, factoring in compounding.