Thinking of opening a savings account? That’s great! You can never go wrong with a savings account. And if managed properly, a savings account is even better than having good credit standing.
Just think: A savings account is a way for you to save your liquid assets for use in making purchases. By a simple visit to the bank or the nearest ATM machine, you have the money to pay for all your purchases in cash. That means, no worries about the state of your finances in the future, unlike credit or debit cards.
Another advantage of a savings account over credit is that the money in your account grows and grows. Banks or any financial institutions where you have a savings account pay you the interest of your money. So even if you are not doing anything with your money and only opened a savings account for safekeeping of a portion of your income, your money continues to grow because of earnings in interest.
However, before you open a savings account, it is important that you consider how much interest the bank offers. The higher the interest, the faster you can double, triple, even quadruple your money. So a little comparison shopping will go a long way.
One of the tools to aid you in comparing bank rates is a savings account interest calculator. Below are a few websites that offer you savings account interest calculators, whether for comparing interest rates or simply to help you decide if opening a savings account is worth it.
Savings Calculator
(DinkyTown.net/java/compoundsavings.html)
The savings account interest calculator allows you to calculate how much earnings interest you can make in a given number of years. The savings account interest calculator also takes into account the additional contributions you make, the rate of return (interest), and compounding (earnings on an investment’s earnings, plus previous interest).
In addition to the savings account interest calculator, the site also allows you to view a report of your statement for itemized details of your account.
Compound Savings Interest Calculator
(CSGNetwork.com/compounsavingsintcalc.html)
Another good site to visit to determine your total earnings in a given number of years is the CSG network website. The savings account interest calculator is designed to calculate the compound interest of your savings account over a particular period of time.
This is different from a simple savings account interest calculator since compound interest includes the interest on the original amount you deposited plus the interest earned. The formula therefore would look like this:
(Original Amount + Earned Interest)
x
Interest Rate
x
Time on Deposit
______________________________
TOTAL amount of interest earned
There are several more websites that offer a savings account interest calculator to help you calculate your savings account. But the above two are great places to start.
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