2017 RANKING & REVIEWS
TOP RANKING SAVINGS ACCOUNT CALCULATORS


Finding the Best Simple Savings Calculator 

We all have financial goals, whether our bank accounts have two, three, six, or eight figures in them! However, figuring out how to meet these goals can often be a bit difficult. Do you ever feel like your head is under water when it comes to planning for your financial future? 

If you answered yes, you are not alone! The world of finance is not an easy one to navigate. There are checking accounts, savings accounts, CDs, IRAs, the stock market, and so many more places to put your money. If you have financial goals, then you might need help figuring out how to reach them.

Knowing how to calculate retirement savings or determine how much you need to be saving in your child’s college fund is important. However, it is not always easy to figure these numbers. You need to consider interest, whether compounding or simple, as well as monthly deposits and withdrawals.  

savings account calculator

Award Emblem: Top 6 Best Savings Account Calculators

It is not easy to calculate retirement savings or run a savings account growth schedule on your own. Thankfully, you can use a savings account calculator to help you set up a plan to reach your goal.

The tricky part is finding the right savings growth calculator that meets your needs. There are so many options out there for a savings plan calculator, with banks, other financial companies, and financial-focused websites offering them. You likely have questions running through your mind, including:

  • Do I need a monthly savings calculator or a weekly savings calculator?
     
  • What is the difference between a simple savings calculator and a compound savings calculator?
     
  • What are some options for a savings rate calculator?
     
  • Why do I need a monthly savings calculator?
     
  • What should I look for in a savings rate calculator?

Throughout this 2017 guide, we will explore the world of savings plan calculators and try to answer all the questions that you have and more.

We will walk you through why you need a savings rate calculator and what to look for in a weekly savings calculator, before reviewing the best six best savings calculators on the internet.

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Advisory HQ’s List of Top 6 Savings Goal Calculators

The list below is sorted alphabetically (click any of the calculator names below to go directly to the detailed review sections):



Top 6 Best Savings Calculator | Brief Comparison & Ranking

Savings Account Calculator

Type of Calculator

Inputs

Ease of Use 
(1-5)

Bank of America

Savings Plan Calculator

4

5

Bankrate

Simple Savings Calculator

4

5

CNN Money

Savings Growth Calculator

6

4.5

Financial Mentor

Savings Goal Calculator

4

4

Interest.com

Savings Goal Calculator

6

3.5

Tax Act

Savings Growth Calculator

6

4

Table: The Best Savings Goal Calculator / Above list is sorted alphabetically


Detailed Overview: Why You Need a Savings Plan Calculator

Planning for your financial future is not an easy task. Whether you are attempting to calculate retirement savings or trying to save for a short-term financial goal like a wedding or vacation, there are many things to take into consideration.

It is not just as simple as subtracting what you have from what you need. You need to account for different types of interest as well as varying periods. A monthly savings calculator will consider these variables.

Another benefit of using a compound savings calculator is that it makes changing variables much easier. You can change the time until your goal needs to be met, deposit amounts, and interest rates to see how these variables affect the end goal.

Overall, a savings goal calculator is an essential tool to have to make planning for your short-term and long-term financial future easier. A savings growth calculator will help you manage your accounts and set up a solid plan to meet your goals.


What Should You Look for in a Savings Growth Calculator? 

There are so many savings plan calculators and savings growth calculators out there that it is easy to become overwhelmed. Understandably, you want to be sure that you are choosing a savings calculator that is trustworthy and yields accurate results.

Each savings rate calculator will have its own unique features, and you need to make sure to choose a savings account calculator that meets your distinct needs. However, not everyone knows features to look for in a savings goal calculator, so we break it down for you.

Savings Calculator

Source: LearnVest

When looking for a simple savings calculator, consider the following:

  • User interface
     
  • Complexity of calculator
     
  • Number of inputs
     
  • Type of information generated

It is important to choose a savings goal calculator that is easy to use. That means choosing a calculator that defines all variables clearly. Easy-to-use calculators will make your financial planning much simpler and spare you from complicated savings growth calculations on your own.

Also, be sure to choose a calculator that generates the correct information. If you need to know how much money you will have at the end of a certain period of time, use a savings growth calculator. If you need to know how much you need to save to reach a goal, use a savings goal calculator. It’s as simple as that.



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Detailed Review – Top Ranking Simple Savings Calculator

Below, please find the detailed review of each savings rate calculator on our list of best compound savings calculators. We have highlighted some of the factors that allowed these weekly savings calculators to score so highly in our selection ranking.

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Bank of America Review


Bank of America has a nice savings goal calculator, and it is very simple to use. You will need to enter just four inputs, and all of the inputs are clearly defined.

First, you will need to enter why you are saving and how much you need to save in the savings goal calculator. Then, you will enter when you want to reach your goal, as well as how much interest you are receiving in your account.

The savings goal calculator will automatically create a customized plan for you, which saves you the hassle of figuring it out on your own. The simple savings calculator from Bank of America will tell you how much you need to budget each month to reach your goal.

Bottom Line

This is a great savings account calculator if you are looking for something easy to use. The inputs are easily understood, as is the output. Plus, the calculator is backed by the Bank of America name, which is a bank that you can trust.



Bankrate Review


Bankrate offers a simple savings calculator that is a great tool to have in your arsenal. This is a good tool to work out interest on an IRA account or to calculate how long it will take to save up for a down payment on a home.

The nice thing about the Bankrate simple savings calculator is that it is very easy to use. There are just four inputs. You will enter your initial amount, monthly deposit, annual interest (compounded) by frequency, and the number of years.

The savings calculator will then show you the final savings balance, as well as the ending balance of every year. It is nice to be able to see a yearly breakdown as well as the final amount.

One drawback of this calculator is that one year is the minimum time frame to calculate. This savings account calculator is obsolete when it comes to doing short-term calculations.

Bottom Line

If you are looking for a quick and easy savings calculator to show you how your bank account will grow at the current rate, Bankrate offers a good option. It isn’t a great option if you want a short-term calculation, but for a long-term outlook, Bankrate delivers.

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CNN Money Review


CNN Money has a good savings account calculator as well. It is simple to use, and CNN Money is a trusted name in the financial world.

You will need to enter just a few inputs to run this savings calculator. First, you input your initial deposit or starting balance, then interest rate, additional deposits and their frequency, and the period you will be saving.

After you hit CALCULATE, the simple savings calculator will show the amount that your money will grow to in the given amount of time. There is really nothing fancy or complex about this calculator. We love how easy to use it is, but it also gives you flexibility in terms of inputs.

Bottom Line

Overall, the CNN Money savings calculator is a good option. The inputs are easily understood and the user interface is very intuitive, which makes it easy to use. It allows you to select between years, months, days, and weeks for saving period, which gives you a lot of flexibility.



Financial Mentor Review


Financial Mentor has a savings goal calculator that will serve you well. It is simple to use, with just four variable inputs.

You will input what your savings goal is, your current savings balance, annual percentage rate growth, and number of years into the simple savings calculator. The drawback here is that this is not a compound savings calculator, which can lower the final amount. It also limits you to years of saving, so you cannot use it for a short-term goal.

After you hit CALCULATE, the simple savings calculator will display three numbers. It will show your current savings future value, savings shortfall, and how much you need to save every month to meet your specified goal.

Bottom Line

We like the outputs that Financial Mentor supplies with their savings account calculator. You will see what your savings would be worth after interest, how short you are, and what you need to do every month to meet your goal. Though there are some constraints, this calculator is easy to use and understand.

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Interest.com Review


Interest.com has a savings goal calculator that is a bit more complex than other models out there. This isn’t a bad thing, since it just means that you have a more accurate result at the end.  

After you get past the gimmicky user interface, the calculator is quite simple to use. You will enter your goal, years to save, amount currently saved, monthly deposits, expected rate of return, and inflation. This savings account calculator looks at inflation, which none of the others on our list do.

Once you enter the information requested, the savings calculator will show a chart that compares your current savings amount and the amount you will need to save to meet your goal.

Bottom Line

Again, the Interest.com savings account calculator is a bit rough on the eyes at first, but it is still a good tool to use.

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Tax Act Review


Tax Act has a savings growth calculator that can help you paint a clear picture of your financial future. It is good to use if you are saving for something like a home down payment or car.

You will need to enter six pieces of information, none of which should be too difficult to figure out. First, you select your saving reason, though it is optional, before entering your beginning balance, monthly deposit, savings term, annual interest rate, and starting date. It is important to note that you are constrained to years with this savings calculator.

After hitting CALCULATE, you will be shown what you will have saved, with the option of viewing the growth schedule for the calculation.

Bottom Line

This savings account calculator from Tax Act is a good tool, but only if you are looking at your financial picture at least a year out. It is laid out well and simple to use, which makes it one of the best savings calculators out there.


Conclusion – Top 6 Savings Growth Calculators

Your financial future is not an easy thing to plan for, but it is essential. With the help of a savings goal calculator or simple savings calculator, you can cut down on some of the frustration. These calculators can clear up the cloudy picture of your finances and help you establish a plan for the future.

Simple Savings Calculator

Source: DoughMain

The hard part of the process is finding a savings calculator that is right for you. With so many options on the internet, it is important to choose a good one. There is no point in wasting time with a simple savings calculator that is overly complex and confusing.

Be sure to consider the following when selecting a savings calculator to map your financial future:

  • User interface
  • Complexity of calculator
  • Number of inputs
  • Type of information generated

Select a savings plan calculator that meets your needs and preferences. If you need a planning feature, choose a savings goal calculator. If you need to know your current savings projection, use a savings growth calculator.

From our list of six, choose a savings calculator that meets your individual financial needs and preferences. In the end, when you have a clearer picture of your financial future, you will be glad that you did.

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