How do you calculate monthly interest earned on a savings account. To calculate compound interest on a savings account your formula needs to take two things into account. The great thing about interest-earning accounts is that you not only earn money on your balance or deposits but also on the interest earnings accrued over time this is also known as compound interest.
First enter your savings goal and the current balance of your savings account.
The Difference Between Simple Interest and Compound Interest. Based on Principal Amount of 1000 at an interest rate of 75 over 10 years. Make sure to specify whether interest will be compounded. Review the terms of your personal savings account or contact a.