Savings Growth Calculator

Watch Your Savings Grow

Consistent saving with compounding interest can be an effective strategy to reach your savings goals. Even small additions to your savings add up over time. Use this easy, convenient, savings growth calculator to see how your savings can grow.

Savings accounts can help you save for the things you want and need, and be prepared for life’s unexpected expenses that arise. Using our simple savings calculator can help you create a targeted savings plan.

Savings Account FAQs

Is a Savings Account Worth it?

Yes, starting a savings account is always worth it. Whether you’re saving for a special purchase, such as a new car, a bicycle, a computer, or home renovations, it all starts with savings.

While charging large purchases on a credit card is always an option, it’s financially savvy to maintain a savings account, in case of emergencies or to pay for large purchases.

Having a savings account provides a secure place to deposit monthly checks you receive, and your savings account could even earn interest as you save toward your goal.

How Much Money Should I Keep in Savings?

Most savings accounts have a minimum balance requirement to keep the account open. Other than maintaining the minimum required balance, there’s no hard-and-fast rule about how much money is ideal amount to keep in your account.

Things to consider include whether the account pays interest. If you have an interest-bearing savings account, then keeping larger balances will earn you more in monthly interest dividends.

Financial advisors typically recommend keeping an amount of money equal to six-months of expenses, so if you become unemployed you, have an emergency fund from which to pay your monthly bills.

What Can I Do with My Savings?

Accumulating savings is very exciting. Saved money represents your hard work and a commitment to creating wealth and planning for your future. When it comes to using your savings, there’s no end to the possibilities. While it’s always important to save as much money as you can, it also feels good to spend a little on yourself and your loved ones!

Is a Savings Account Safe?

Yes, Credit Unions are one of the safest institutions in which to deposit funds.

Created by the U.S. Congress in 1970, the National Credit Union Administration (NCUA) is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions. 

Open A Savings Account Online Today!

We hope you found our savings account interest calculator helpful!

CU SoCal’s friendly, professional account specialists are ready to answer your questions and show you how opening a CU SoCal account can make saving easier.

Call us at 866.287.6225 today for a no-obligation consultation.

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Building Better Lives™

Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.

 

562.698.8326 | 866 CU SoCal Se Habla Español

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