Savings, budgets and cards
Compound Interest Calculator
Grow a single deposit at a set rate and see how much difference compounding daily, monthly or yearly makes.
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- Method
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Compounding
Balance after 10 years
$16,470
$10,000 at 5.00% a year, compounded monthly.
- Interest earned
- $6,470
- Effective annual yield
- 5.116%
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
Your deposit and its interest, year by year
The balance at the end of each year, split into the deposit and the interest it has earned so far.
- Deposit
- Interest
The last column totals $16,470.
Show the figures as a tableHide the table
| Point | Deposit | Interest | Total |
|---|---|---|---|
| Year 1 | $10,000 | $512 | $10,512 |
| Year 2 | $10,000 | $1,049 | $11,049 |
| Year 3 | $10,000 | $1,615 | $11,615 |
| Year 4 | $10,000 | $2,209 | $12,209 |
| Year 5 | $10,000 | $2,834 | $12,834 |
| Year 6 | $10,000 | $3,490 | $13,490 |
| Year 7 | $10,000 | $4,180 | $14,180 |
| Year 8 | $10,000 | $4,906 | $14,906 |
| Year 9 | $10,000 | $5,668 | $15,668 |
| Year 10 | $10,000 | $6,470 | $16,470 |
The same deposit at each compounding frequency
Interest added more often starts earning interest of its own sooner. The effective annual yield is the yearly rate once compounding is counted.
| Measure | Annually | Quarterly | Monthly | Daily |
|---|---|---|---|---|
| Final balance | $16,289 | $16,436 | $16,470 | $16,487 |
| Interest earned | $6,289 | $6,436 | $6,470 | $6,487 |
| Effective annual yield | 5.000% | 5.095% | 5.116% | 5.127% |
How this calculator works
The more often interest is added, the sooner it starts earning interest of its own. The effective yield shows what the same rate is worth once compounding is counted.
The table compares each compounding frequency on the same deposit, rate and term.
Assumptions
- A single deposit at the start, with no withdrawals or further deposits.
- Daily compounding uses 365 days a year.
- The rate stays the same for the whole term. Fees and tax are not included.
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