High-Yield Savings Account (HYSA) Calculator
Project HYSA growth at today's top APYs (~4.0-4.5%), compare to traditional savings, and see after-tax interest with federal and state tax rates.
FINANCEProject growth of a High-Yield Savings Account at todays top APYs (around 4.0 to 4.5%), compare to a traditional savings account at the FDIC national average, and see your after-tax interest using your federal and state tax rates.
Inputs: starting balance, monthly contribution, HYSA APY, time horizon, traditional savings APY for comparison, federal bracket, and state tax rate. Outputs include final balance, total interest, after-tax interest, the dollar gap vs traditional savings, and a year-by-year breakdown of balance and interest earned.
High-Yield Savings Account (HYSA) Calculator
Project HYSA growth at today's top APYs, compare to a traditional savings account, and see your after-tax interest based on federal and state tax rates.
Year-by-Year Breakdown
| Year | Balance | Interest This Year |
|---|---|---|
| 1 | $16,551.64 | $551.64 |
| 2 | $23,387.22 | $835.58 |
| 3 | $30,519.03 | $1,131.81 |
| 4 | $37,959.92 | $1,440.89 |
| 5 | $45,723.29 | $1,763.36 |
What is a High-Yield Savings Account?
A High-Yield Savings Account (HYSA) is an FDIC-insured deposit account that pays significantly higher interest than a traditional brick-and-mortar savings account. As of May 2026, the top HYSAs (Ally, Marcus, Discover, Wealthfront, SoFi, CIT) pay 4.0-4.5% APY while the FDIC national average for traditional savings is just 0.40% APY - about 10x lower.
Most HYSAs compound daily and credit interest monthly. There are usually no minimum balances, no monthly fees, and full FDIC insurance up to $250,000 per depositor per bank. Funds remain fully liquid - unlike a CD, you can withdraw anytime.
Interest earned in an HYSA is taxable as ordinary income at your marginal federal rate (plus state, if applicable). For tax-advantaged growth on long-term money, consider an HSA, Roth IRA, or 401(k) instead. HYSAs work best for your emergency fund and short-term goals (1-3 years out).
APY is variable and can change at any time without notice. Past returns do not guarantee future performance. Always check the current rate, FDIC insurance status, and account terms with the bank before depositing.