Visualize how your savings will grow over time with regular deposits and compound interest.
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After 5 years in Standard Savings
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You'll reach your goal in 0 years
Standard Savings Accounts (0.01% APY): Offered by traditional brick-and-mortar banks, these accounts typically provide minimal interest rates around 0.01% APY. While they offer easy access to your money, they don't help your savings grow meaningfully against inflation.
High-Yield Savings Accounts (4.00% APY): Mostly offered by online banks with lower overhead costs, these accounts can provide interest rates 400x higher than standard savings accounts from big banks. They still provide liquidity while offering much better growth potential.
Certificates of Deposit (4.00% APY): CDs typically offer competitive interest rates in exchange for locking your money for a fixed term (6 months to 5+ years). Early withdrawal usually results in penalties, but rates are often guaranteed for the entire term.
Money Market Accounts (4.50% APY): These accounts combine features of checking and savings accounts, offering higher interest rates than standard savings while sometimes providing check-writing capabilities. They may require higher minimum balances than other account types.