Objectively compare savings accounts, checking accounts, and money market accounts. Input your expected balance, banking habits, and time horizon to calculate projected interest earnings, fee impacts, and net annual value across multiple accounts[citation:3][citation:7].
Enter details for two different bank accounts to see a detailed comparison. All calculations update in real-time[citation:9].
Results calculate instantly as you type[citation:9].
Enter account details to see a detailed comparison.
Projected interest earnings, fee impacts, and net annual value will be displayed here.
The calculator performs a comprehensive financial analysis using the following core methodology[citation:7]:
This approach allows you to compare accounts with different fee structures, balance requirements, and bonus offers on an equal basis[citation:3].
Financial professionals use this methodology to inform strategic decisions[citation:3]. Here are practical applications:
A user with a $15,000 balance compares a high-yield savings account (4.5% APY, $10/month fee waived over $500) against a traditional checking account (0.1% APY, no fee). Over 24 months, the high-yield account generates $1,385 more net value despite the fee structure.
A $300 bonus might seem attractive, but if it requires maintaining a $10,000 balance in a 0.5% APY account for 12 months instead of a 4.0% APY account elsewhere, the opportunity cost exceeds the bonus value. This calculator quantifies that trade-off.
These comparisons help institutions understand competitive positioning and market trends[citation:3]. For individuals, they reveal the true cost of fee structures and the real value of interest rates.
Net Annual Value (NAV) — the comprehensive metric calculated by this tool. A high APY can be negated by excessive fees, while a generous bonus might not compensate for poor interest rates. NAV combines all factors (interest, fees, bonuses) into a single, comparable annual dollar value[citation:7].
Most savings accounts compound interest daily but pay it monthly. This calculator uses monthly compounding for standardization, which slightly underestimates earnings from daily compounding accounts. For precise comparisons between accounts with different compounding schedules, use our Advanced Compound Interest Calculator.
Not necessarily. If the high-APY account has a $25 monthly fee and your balance often falls below the waiver threshold, a lower APY account with no fees might yield better net returns. This tool helps you find the optimal balance between rates and fees for your specific banking habits[citation:3].
The projections are mathematically precise based on the inputs you provide. They assume constant APY rates and fee structures over the comparison period. In reality, banks may change rates or fees. For planning, consider running scenarios with different rate assumptions using our Savings Goal Calculator.
This interface compares two accounts for clarity. For comparing multiple accounts, run successive comparisons and note the Net Annual Value for each. For complex portfolio analysis involving multiple financial products, use our Portfolio Rebalancing Tool.
Continue your financial analysis with these specialized tools from FinToolsPro: