Our money market account calculator is a valuable tool to help you determine how much interest you can earn over time. Using this free calculator, you can compare different accounts, optimize your savings strategy, and work toward your financial goals efficiently. Start using our free money market account calculator today and take control of your financial future.
Money Market Account Calculator
How to Use the Money Market Account Calculator
Our Money Market Account Calculator helps you estimate how much your savings can grow. Here’s a step-by-step guide:
- Enter Your Initial Deposit ($)
➤ Input the amount of money you’re starting with in your money market account.
➤ Example: If you have $5,000 saved, enter 5000.
- Enter the Annual Interest Rate (%)
➤ Input the APY (Annual Percentage Yield) your bank or credit union offers.
➤ Example: If your MMA earns 3.2%, enter 3.2.
- Select the Period (Years)
➤ Choose how long you plan to keep your money in the account.
➤ Example: For a 5-year savings goal, enter 5.
- Choose Compounding Frequency
➤ Select how often interest is compounded (monthly, quarterly, annually, etc.).
➤ Tip: More frequent compounding (e.g., monthly) yields slightly higher returns.
- Enter Monthly Contribution ($) (Optional)
➤ If you plan to add money regularly, input your expected monthly deposit.
➤ Example: Adding $200 per month? Enter 200.
- Click “Calculate”
➤ The calculator will instantly display your projected ending balance, including total interest earned.