2017 RANKING & REVIEWS
TOP RANKING DAILY COMPOUND INTEREST CALCULATORS
Finding the Best Daily Compound Interest Calculator
Wouldn’t it be nice to know what an investment will be accumulating over time? That is certainly possible with a daily compound interest formula, but it is not an easy to calculate continuous compound interest with just a formula.
That is why you need to find a great continuous compound interest calculator.
When planning for your long-term financial future, you need to know what your investments will amount to over the span of days, weeks, months, years and even decades. With compounding interest, that number can change drastically, which is why a compounded daily calculator is a great tool to have.
The real problem is how to calculate interest compounded daily. Many variables go into a daily compound interest formula. This can make it tricky to solve on your own.
Award Emblem: Best Continuous & Daily Compound Interest Calculators
Trying to calculate interest that is compounded daily can be quite a task. It can quickly become very frustrating, which is why people turn to financial calculators to run a compounded daily formula based on the information provided.
The tricky part then, is finding the best compounded continuously calculator that meets your individual needs. Some calculators are more user-friendly, some are more complex and can give much more accurate numbers, and some even offer charts and reports to explain the findings. It all depends on what you are looking for in a daily compound interest calculator.
While looking for a good continuously compounded interest calculator, you may be pondering the following thoughts:
- The interest compounded daily formula
- The difference between continuous compound interest and interest that is compounded daily
- What information you need for a compounded continuously calculator
- What a compound daily interest calculator tells you
- Where to find compound interest calculators
Our 2017 Guide to finding the best continuous compound interest calculator is designed to answer these questions and more. We break down the compounded daily formula, why compound interest calculators are a great asset, and what the best compound daily interest calculator is for you.
Advisory HQ’s List of Top 5 Compounded Continuously Calculators
The list below is sorted alphabetically (click any of the calculator names below to go directly to that calculator):
- Compound Daily
- Financial Calculators
- Financial Mentor
- U.S. Securities & Exchange Commission
2017 High-Level Comparison Table
Daily, Monthly, Quarterly Annually
Daily, Weekly, Monthly, Quarterly, Semi-Annual, Annual
U.S. Securities & Exchange Commission
Daily, Monthly, Semi-Annually, Annually
Table: Comparison Table: Best Compounded Daily Calculator / Above list is sorted alphabetically
Detailed Overview: How to Calculate Continuous Compound Interest
Compound interest is interest calculated on the initial principal, as well as on the accumulated interest of previous periods of a loan or deposit. Interest compounded daily or continuously will make an investment or accounts grow quicker than simple interest alone.
However, it is not quite that simple to calculate continuous compound interest. There are other factors to consider, like the rate with which compound interest accrues and the number of compounding periods. Even if you know the daily compound interest formula, it is not a foolproof calculation.
The most common method to calculate compound interest is using the following formula:
Image source: Financial Formulas and Calculators
By using this daily compound interest formula, you can determine compound interest. You will need to know the original balance, rate of interest per period, and number of periods. Seems simple, right?
Detailed Overview: Why Do You Need a Continuously Compounded Interest Calculator?
When you are trying to calculate compound interest using the daily compound interest formula, it might seem simple. However, the calculation is anything but.
At first glance, it might seem like a simple plug-and-play formula, but there is more to take into consideration. If you have a large number of periods or a high frequency of compounding, the formula can become complex.
Image source: American Financing
The daily compound interest formula is not necessarily easy to follow, which is why there are calculators out there that allow you to input figures. By using a continuously compounded interest calculator like one of the ones we review below, you can be sure of your calculations are correct. If anything, it will save you time and give you peace of mind.
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Detailed Review – Top Ranking Continuously Compounded Interest Calculator
Below, please find the detailed review of each compounded continuously calculator on our list of best interest compounded daily calculators. We have highlighted some of the factors that allowed these compound interest calculators to score so highly in our selection ranking.
If you are looking to map out your financial future, you may need to calculate continuous compound interest for your accounts. That is where the Bankrate daily compound interest calculator comes into play.
This daily compound interest calculator has inputs for starting amount, years to save, rate of return, additional contribution, frequency, and interest. This continuous compound interest calculator is great because it considers additional deposits, which can drastically alter the future value of an account.
This continuous compound interest calculator outputs what your estimated account total would be after the specified period. It also displays a graph that shows what your total balance would be at the end of every year.
The other nice thing about this Bankrate compounded continuously calculator is that it describes the various inputs. A short description of each is given so that you know you are putting the right values into the continuously compounded interest calculator. This is especially helpful for those without a finance background.
The Bankrate compounded continuously calculator really is one of the best out there. The calculator is simple to use, with clearly defined inputs. With the detailed description, there is no need to worry about whether you input the right information.
Overall, the Bankrate calculator is a good option for a personal investor who needs to determine the future value of an account given a set of variables. With four different compounding frequencies, you have more options, which is always good to have.
Compound Daily Review
The Compound Daily calculator offers exactly what the name implies: interest compounded daily. If you are looking for something other than a daily compound interest calculator, you will want to look elsewhere. However, if daily compound interest is what you need to calculate, the compounded continuously calculator offered by Compound Daily will do.
The user interface is nothing to write home about, nor is the large disclaimer that sits on top of the page. However, the calculation works just fine, and no continuous compound interest calculator offered online will 100% guarantee its results.
Getting into the details, the Compound Daily compound interest calculator does not explain the input variables. It is quite easy to use, though, as there are only five straightforward inputs.
Image source: Pixabay
You will need initial amount, daily interest rate, length of term in days, daily reinvest rate, and whether you need to exclude weekends or not. Taking weekends into account is a nice feature that not all daily compound interest calculators take into consideration.
The output is a bit more than expected from the daily compound interest calculator. It will give a brief description of what the results actually mean, along with a chart showing a daily breakdown of the calculation.
Overall, the daily compound interest calculator from Compound Daily is a good little calculator that can give you the information you are looking for. There is nothing flashy about this compounded daily calculator, but it saves you the hassle of running the formula yourself.
Financial Calculators Review
This continuous compound interest calculator from Financial Calculators is definitely a good asset to have. There are many features that helped this compounded continuously calculator slip onto our list.
Still, the continuous compound interest calculator is easy to use. You will need to input the starting amount, annual interest rate, period in days, start date, end date, type of compounding, and days in a year. Though needing to provide exact dates can a bit of a drawback to some, others love the precision that this tool provides.
One nice feature of this continuously compounded interest calculator is that there are over 13 options for calculating interest. You can compound it daily, weekly, monthly, quarterly, semi-annually, and yearly, among other options. You can also run simple interest, which is a good way to compare different accounts.
After hitting the CALC button, the model will display the amount of interest earned, future value of the account, annual percentage yield (APY), and your daily interest rates. This is a bit more information than other compound interest calculators on our list show.
If you are looking for a simple continuous compound interest calculator, this one from Financial Calculators could be a good tool to use. There is nothing extremely flashy about this daily compound interest calculator, but it is easy to use and understand and has a wide variety of compounding frequencies that other models do not have.
Financial Mentor Review
The compounded continuously calculator by Financial Mentor is another great tool. This one is similar to Financial Calculators in the sense that there is nothing flashy about it, but the calculator is easy to use and provides solid information.
This compounded continuously calculator has five inputs, and while there are no explanations of variables, they are pretty self-explanatory. You will need to input the starting amount, the frequency and amount of deposit, annual interest rate, compounding interval, and the number of years.
For an output, you won’t get any nice charts, reports, or graphs, but you will get the future value of your account, total deposits, and the interest earned over that duration of time. As a bonus, this compounded continuously calculator from Financial Mentor provides some background information on compound interest, along with some examples. This makes it a good tool for people who aren’t especially familiar with continuous compound interest.
This continuous compound interest calculator is a good tool. It isn’t flashy, but the user interface makes in intuitive and easy to follow. With six different compound frequency options, you can choose the one that suits your account.
U.S. Securities & Exchange Commission Review
If you are looking for a continuous compound interest calculator that is backed by a trustworthy name, then this calculator from the U.S. Securities and Exchange Commission might be the most legitimate one out there.
There are six inputs that are carefully laid out in 4 steps with this continuous compound interest calculator.
In Step 1, you input the initial investment, followed by Step 2, where you enter the amount you will be contributing every month and the length of time in years that you will be saving. Step 3 is entering the interest rate, and Step 4 is the frequency you will be compounding it.
After entering the information and hitting CALCULATE, you will see what the future value of the account is, as well as a chart showing the amount after every year. This is a simple daily compound interest calculator with a nice interface.
Overall, this daily compound interest calculator is a great option. It is laid out very well in four steps, and the inputs are self-explanatory. The results generated are also easy to follow and comprehend. The U.S. SEC created a nice daily compound interest calculator.
Conclusion – Top 6 Best Compound Daily Interest Calculators
When planning your financial future, it is important to know the future value of an investment account over time. This is important whether you are saving for a house, stashing money for retirement, or simply curious about how well your savings accounts are earning. To calculate this, you need to find the interest compounded daily.
However, knowing how to calculate continuous compound interest is no easy feat. Even in you know the daily compound interest formula, you might still have some difficulty factoring everything in. That is where a compound daily interest calculator is beneficial to have.
There are so many interest-compounded-daily calculators out there. Each has unique features and their own set of pros and cons. While some are more complex than others, they all relieve you from having to run a daily compound interest formula on your own.
It is important to look at the following calculator features when you are selecting the best compounded daily calculator:
- User interface
- Complexity of calculator
- Number of inputs
- Type of information outputted
Always check out a few different compound interest calculators before selecting the one that you will use. Each calculator has its own unique features, benefits, and drawbacks, so be sure to do some research before choosing one. Find a compounded daily interest calculator that you find easy and that gives you outputs that are easily understood.
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