$10,000 in a savings account at 4% compounded monthly earns $407.42 of interest in one year, about $33.95 a month.
- 1%
- 3%
- 5%
| Balance | 0.5% | 1% | 2% | 3% | 4% | 5% |
|---|---|---|---|---|---|---|
| $1,000 | $5.01 | $10.05 | $20.18 | $30.42 | $40.74 | $51.16 |
| $2,500 | $12.53 | $25.11 | $50.46 | $76.04 | $101.85 | $127.90 |
| $5,000 | $25.06 | $50.23 | $100.92 | $152.08 | $203.71 | $255.81 |
| $10,000 | $50.11 | $100.46 | $201.84 | $304.16 | $407.42 | $511.62 |
| $15,000 | $75.17 | $150.69 | $302.77 | $456.24 | $611.12 | $767.43 |
| $20,000 | $100.23 | $200.92 | $403.69 | $608.32 | $814.83 | $1,023.24 |
| $25,000 | $125.29 | $251.15 | $504.61 | $760.40 | $1,018.54 | $1,279.05 |
| $50,000 | $250.57 | $502.30 | $1,009.22 | $1,520.80 | $2,037.08 | $2,558.09 |
| $75,000 | $375.86 | $753.45 | $1,513.83 | $2,281.20 | $3,055.62 | $3,837.14 |
| $100,000 | $501.15 | $1,004.60 | $2,018.44 | $3,041.60 | $4,074.15 | $5,116.19 |
How it is computed
Interest = balance × ((1 + rate ÷ 12)^12 − 1), with monthly compounding and no deposits or withdrawals during the year. Interest is shown before tax.
FAQ
Is savings account interest taxable?+
Usually yes, as income in the year it is earned, unless the money sits in a tax-sheltered account such as a TFSA or a Roth account.
Do promotional rates last?+
Often not: many high rates apply for a few months only. Check the regular rate before moving your savings.