A savings account has an Annual Percentage Yield (APY), which reflects your account’s current interest rate and the effect of interest compounding. Compounding interest essentially means you’re earning “interest on interest”, so your money grows at a faster rate than with simple interest. Depending on how often it’s compounded at your financial institution (e.g. monthly or daily), your total interest earned will be slightly higher.
You can use our Interest Calculator to develop a savings plan.*
- Enter your initial deposit, or the amount of money you will use to open your savings account.
- Enter the amount of your additional contributions, and select how often you plan to make them (monthly or annually).
- Enter the number of years you plan to save.
- Enter an APY of at least 0.01% or greater. View current Dollar Bank savings rates.
- Click Calculate to see the results.
Frequently Asked Questions
How much will my savings account earn?
The amount your savings account grows depends on a few factors, including your balance, length of time and the APY of the account. If your savings account has a higher APY, then you will earn more interest on your money. Additionally, if you are regularly contributing to your savings account (paying yourself first), you will have the opportunity to earn more on your growing funds.
How can I open a savings account?
Opening a savings account online is easy. Review our savings account options to determine which account best meets your needs, and then click Open Now. You can also open an account at your local Dollar Bank office or call 1-800-242-2265 and press 4, Monday – Friday from 8:00 AM – 8:00 PM and Saturday from 9:00 AM – 3:00 PM.
What is the current interest rate on a savings account?
View the current rates for our savings accounts
What to ask when opening a savings account?
When opening a savings, account, make sure you understand what the Annual Percentage Yield (APY) is, and any restrictions associated with that particular account. Are there any monthly fees? Is there a minimum balance requirement? Is there anything you need to do to maintain a certain APY? Are there any withdrawal restrictions? Also, if you don’t already have a checking account with the financial institution, check to see if there would be value in opening one (e.g. to make transferring money into your savings account easy).
How long does it take to open a savings account?
Opening a savings account can be a quick process that you can do from the comfort of your home in as little as 10 minutes. Make sure you have all the information you need to open your account (e.g. Driver’s License and card to fund your account) before you begin.
Why should I open a savings account?
A savings account is an important tool for keeping your spending money (checking account) separate from your saved funds. Opening a savings account benefits you as putting savings in a different account makes it easier to avoid overspending and instead focus on growing those funds for your financial goals.
*Please note this calculator assumes monthly compounding, is for educational purposes only and does not represent an offer for any product.