This is a savings calculator tool that you can use to see how much your bank savings will grow after one year or ten years or event 30 years from now. This calculator uses the future value built-in function, FV(rate,nper,pmt,pv,type), where rate is your savings interest rate, nper is your savings period, pmt is your savings amount if you plan to save your money regularly, pv is your current savings, and type is the time when you save your money.
In this calculator, there are two future values of savings, monthly based and yearly based. As you can see in the calculation result, eventhough the absolute savings amount is the same for one year period, your savings amount will be higher if you save your money monthly. Use this calculator as your side reference only, because your banks probably have different interest rate calculation that will produce different results.
