Free APY comparison calculator. Compare up to 4 savings account APY rates side by side and see the dollar difference in earnings over your chosen time period.
The APY Comparison Calculator helps you see the real dollar difference between savings account rates. Enter up to four APY rates with a single deposit amount and time period, and instantly compare which account earns you more money.
Small APY differences might look insignificant on paper, but over several years they compound into meaningful amounts. A 0.50% gap on $25,000 over 5 years is hundreds of dollars. This calculator makes those hidden differences visible so you can choose the best account for your money.
Use this tool when shopping for new savings accounts, evaluating whether to switch banks, or comparing promotional rates to standard offers. The side-by-side breakdown shows exactly how much each fraction of a percent is worth in real dollars. Over a multi-year horizon, the gap between a 4.0% APY and a 4.5% APY on a $50,000 balance amounts to thousands of dollars. This calculator makes that difference concrete so you can choose with confidence.
Banks compete on APY differences as small as 0.10–0.25%. While these seem trivial, they add up substantially on larger balances over time. This calculator translates abstract rate differences into concrete dollar amounts, empowering you to make informed decisions about where to park your money. Even moving a balance between two competitive accounts can yield additional hundreds in interest annually.
FV = PV × (1 + APY)^t Difference = FV at APY_A – FV at APY_B where PV = deposit amount, APY = annual percentage yield (already accounts for compounding), t = years
Result: Account A earns $659 more
Account A at 4.50% grows $25,000 to $31,142 in 5 years. Account B at 4.00% grows the same deposit to $30,416. The 0.50% APY difference results in $659 more in Account A — a meaningful amount from a seemingly small rate gap.
It is easy to dismiss a 0.25% or 0.50% APY difference as insignificant. After all, on a $10,000 balance, that is only $25–$50 per year. But compound interest rewards patience: over 5 years, that small gap grows disproportionately because you earn interest on interest. On larger balances of $50,000 or more, even a 0.10% difference is noticeable.
While APY is the primary comparison metric, a complete evaluation should include account fees, minimum balance requirements, withdrawal limits, and customer service quality. A higher APY that requires a $25,000 minimum balance only helps if you can maintain that threshold.
Review your savings account APY at least quarterly. Banks adjust rates based on the federal funds rate, and your once-competitive rate may have fallen behind. Set a calendar reminder to compare your current APY against the market every three months.
APR (Annual Percentage Rate) is the simple interest rate without compounding. APY (Annual Percentage Yield) includes the effect of compounding interest. For savings accounts, APY is the standard measure and always equals or exceeds the APR. This calculator uses APY for straightforward comparison.
On a $25,000 deposit over 5 years, a 0.50% APY difference results in roughly $650 more earnings. Over 10 years, that gap widens to about $1,500. The impact grows with larger balances and longer time periods due to compounding.
If the APY difference is 0.25% or more and your balance is $10,000+, switching is often worthwhile. Run the comparison over your planned holding period to see the dollar impact. Also consider minimum balance requirements, fees, and the hassle of transferring funds.
Yes, savings rates are variable and banks can change them at any time, usually in response to Federal Reserve rate changes. This calculator assumes a constant rate for projection. For long-term planning, consider running comparisons at a slightly lower rate to be conservative.
This tool focuses on comparing APY rates with a fixed deposit to isolate the impact of the rate difference. For projections with ongoing contributions, use the Future Value of Savings Calculator or the Compound Savings Calculator.
Online banks offering higher APYs are generally FDIC-insured up to $250,000 per depositor, making them as safe as traditional banks. Their lower overhead costs allow them to offer higher interest rates. Always verify FDIC insurance before opening an account.