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Savings Calculators

Estimate Fund Amounts for the Future

Saving can allow you to have the funds you need for an emergency, a special event, or an investment opportunity. To help, we offer a range of savings calculators to help you quantify how much you can put away.

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More About Savings Calculators

Each one of the savings calculators allows you to simply plug in some numbers and almost instantaneously provides you with the results you need to craft a savings plan to help you meet your needs. If you’d like more information about what to enter, just click the plus sign next to the header of each calculator.

The Impact of Saving More

Want to see the difference it’ll make to save more on a regular basis? Even a small amount be significant and can help you save more for a variety of purposes. If you put more money away for a longer period of time, you also get to benefit from compounding dividends (making exponentially more money off of interest on top of the original amount and your previous earnings.)

With this savings calculator, enter amounts in the savings information section and the assumptions section. You’ll receive a savings summary that shares how much you’ll save at your current rate; if you put in additional savings, you’ll see how much more that would be. How well do each of these amounts dovetail with your savings goals?

The Benefits of Compounding

Now, back to compounding. Financial institutions may compound interest at different times—for example, daily, monthly, quarterly, or yearly, which are the evaluation periods you’ll see with this calculator. Again, compounding is when you earn interest on the interest you’ve earned. The more frequently the compounding periods, the more interest you’ll earn. See the growth with this compounding calculator!

Save for College

Are you dreaming of achieving a higher education for yourself or someone else? With this calculator, you’ll need to enter information about the future student and college costs, along with factoring in inflation. This savings planner will show you how much you’ll save and what you’ll still need to attend college with savings rather than relying solely on student loans.

Save to be a Millionaire

Thinking big? Ready to “Save to be a Millionaire”? Although this is a more ambitious goal, it’s similar to other goals in that a solid saving plan will serve as your foundation. This savings calculator takes your age, inflation, tax rates, and more into account to let you know if your savings plan is sufficient to reach your goal; if not, you’ll see what else you’ll need to do to reach your millionaire status.

What Will My Savings Be Worth?

To help motivate yourself as you save, investigate your savings’ future value with this calculator. To get more accurate estimates, separate taxable accounts (savings and CDs, for example) from tax deferred ones (such as 401(k)s and college 529 plans). This savings account calculator has inputs for the following:

  • Taxable savings: current savings, monthly savings, and marginal tax rate
  • Tax-deferred savings: current savings and monthly savings
  • Assumptions: evaluation period in years and expected rate of return percentage 

The savings summary provided will include your taxable, tax-deferred, and total savings amounts. Because of tax-deferred data, it can also serve as one of your retirement calculators, helping you meet another personal savings benchmark.

Some of our savings account calculators focus on goals: a more general savings for goals calculator, one for college expenses, and one for people who have a more ambitious goal: to become millionaires.

Save Towards a Goal

With this calculator, you’ll be able to seamlessly see if your savings plan will allow you to reach a specific goal of choice. If you discover you need more funds, you’ll need to add to monthly savings and/or put the money in an account with greater rates of return.

Save for a Rainy Day

With the “Save for a Rainy Day” calculator, simply enter your emergency spending needs, essential monthly spending, and months of spending along with your rainy day plan (current savings, monthly savings, months to save, expected rate of return, and the marginal tax rate). Using this savings planner, you can build a personalized rainy day fund.

Compare Two CDs

If you already have 3-6 months’ worth of expenses saved in an emergency fund, then it’s a good idea to set additional money in savings aside in a CD to get more bang for your buck. But, you’ll find that many CD terms and interest rates are available and vary. This “Compare Two CDs” calculator will allow you to make savvier decisions with your savings to see get more insight into which option will yield more interest.

Calculate Yield at Maturity

Use this calculator to see how your funds will grow during the CD term of your choice. Simply enter the deposit amount, CD term, interest rate, and the compounding frequency to see the CD’s value at maturity, interest earned, average monthly interest, and APY.

So, sit back, relax—and envision what you would do with the funds you can save. No matter what you decide, focusing on your savings goals will give you more flexibility in living the way that you decide.

Savings Opportunities at SCCU

SCCU offers competitive rates for savings accounts, including but not limited to:

  • Regular Savings: Every SCCU membership comes with this kind of account, making you a member and owner of the credit union. You’ll earn dividends on the very first dollar of savings with no maintenance fees.
  • Money Market Savings: You’ll earn a higher interest rate with this account, one that comes with flexibility and seamless access to your money.
  • Certificates of Deposit (CDs): Grow your money with maximum security and a locked-in rate of return. SCCU offers a range of terms with great fixed rates, and you can open one for as little as $500.006

SCCU also offers individual retirement accounts (IRAs), including IRA CDs, along with youth savings accounts, Christmas Club savings, and more. Find interest rates here and apply for your savings accounts of choice.

Frequently Asked Questions

First, each financial institution can set their own CD rates. So, when comparing rates between institutions, you may very well see differences. Next, financial institutions almost always offer higher interest rates for CDs with longer terms because the person taking out the CD is committed to keeping their money locked into the account for a longer period of time.
In general, CD rates rise and fall in tandem with the federal funds rate, a percentage set by the Federal Reserve. In recent years, this rate has been kept low to provide stimulus to our economy. More recently, the Federal Reserve has been raising the rate; CD rates will likely go up in response. To compare two different CD programs, use our “Compare Two CDs” calculator.

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According to the U.S. News & World Report’s annual survey, the average cost for tuition and fees in the 2022-2023 school year was $10,423 a year for in-state residents at public colleges; $22,953 for out-of-state students at public schools; and $39,723 for private colleges. This doesn’t, however, include housing expenses. The average price for private colleges went up about 4% from the previous year while public school costs increased by a lesser amount. To calculate what you’ll need to save, use our “Save for College” calculator.

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Although there are plenty of formulas to consider, the answer to this question will depend upon how much you have in savings, your retirement savings goals, the lifestyle you hope to have after you retire, and the age in which you plan to retire. When in need of retirement calculators, you can use our “What Will My Savings Be Worth?” calculator—one where you can enter the amount of your tax-deferred savings and the amount you’ll be putting in monthly to see how much you would save for retirement.

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By using the 50/30/20 rule, you would earmark 50% of your income to cover necessities; 30% to cover discretionary spending; and the remaining 20% for your savings. If there are times when the 20% just isn’t doable, save as much of that percentage as you can. If you’d like to save more, use the “The Impact of Saving More” calculator on this page to provide you with the information you need and the motivation to boost the amount you save for an emergency fund as well as for special goals. When saving for college, you can use our “Save For College” calculator.

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Calculator Disclaimer

The information provided by these calculators is intended for illustrative purposes only and is not intended to represent actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.