Our compound interest calculator is simple to use. All you need to do is fill in the following fields: Initial deposit: The amount of money you currently have saved and will use to fund your account.

How much could you earn with a savings account? Learn how to calculate interest on a savings account with this guide.

Compound interest can help turbocharge your savings and investments, or it can quickly lead to an unruly balance, keeping you stuck in a cycle of debt. Its magic can help you earn more — or owe more.

The effective annual interest rate shows the true yearly cost of borrowing or return on investment, factoring in compounding.