Money
Money Market Calculator
Last updated: May 31, 2026
Written by Blake Boege
A money market calculator projects the future balance of a money market account (MMA) by applying compounding interest to an initial deposit and optional recurring contributions. Because MMAs typically calculate interest daily and pay it monthly, the calculator uses daily compounding by default. It helps savers compare interest rates (APY) and plan long-term savings goals.
Estimate the growth of your money market account. Enter your starting deposit, interest rate (APY), savings term, and monthly contributions to see your future balance and a year-by-year schedule.
Quick Answer
Project how your money market account will grow over time with daily compounding interest and recurring monthly contributions. View your future balance and a year-by-year growth table.
Starting balance for your money market account. · e.g. 10,000
Annual Percentage Yield. · e.g. 4.5
e.g. 10
Compounding frequency
Amount added to the account each month. · e.g. 100
Future balance after 10 years
$30,809.06
Contributed $22,000.00 · interest earned $8,809.06
Year-by-Year Growth Schedule
| Year | Start Bal | Deposits | Interest | End Bal |
|---|---|---|---|---|
| 1 | $10,000.00 | $1,200.00 | $485.36 | $11,685.36 |
| 2 | $11,685.36 | $1,200.00 | $562.93 | $13,448.28 |
| 3 | $13,448.28 | $1,200.00 | $644.06 | $15,292.35 |
| 4 | $15,292.35 | $1,200.00 | $728.94 | $17,221.29 |
| 5 | $17,221.29 | $1,200.00 | $817.72 | $19,239.00 |
| 6 | $19,239.00 | $1,200.00 | $910.58 | $21,349.59 |
| 7 | $21,349.59 | $1,200.00 | $1,007.72 | $23,557.31 |
| 8 | $23,557.31 | $1,200.00 | $1,109.33 | $25,866.64 |
| 9 | $25,866.64 | $1,200.00 | $1,215.62 | $28,282.26 |
| 10 | $28,282.26 | $1,200.00 | $1,326.80 | $30,809.06 |
Examples
$10,000 initial, 4.5% APY, 10 yr, +$100/mo
Future Balance ≈ $31,585 · Interest Earned ≈ $9,585
$25,000 initial, 4.0% APY, 5 yr, no contributions
Future Balance ≈ $30,534 · Interest Earned ≈ $5,534
$5,000 initial, 5.0% APY, 15 yr, +$200/mo
Future Balance ≈ $67,737 · Interest Earned ≈ $26,737
How it works
The growth of a money market account uses the standard future value formula of compound interest, combined with the future value of a recurring monthly contribution stream:
Compound Interest Growth Formula
A = P × (1 + r_m)^(12·t) + PMT × ((1 + r_m)^(12·t) − 1) / r_m
The parts
- A = future account balance
- P = initial deposit amount
- PMT = monthly contribution amount
- r_m = effective monthly rate (converted from APY based on daily compounding)
- t = time period in years
How to maximize your money market growth
To grow your savings as fast as possible, look for a money market account that offers a competitive APY, has low or no monthly maintenance fees, and has low balance requirements. Even a small difference in APY can add up to thousands of dollars over a multi-year term.
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Frequently asked questions
A money market account is a type of savings account offered by banks and credit unions that typically earns a higher interest rate than standard savings accounts. They often feature check-writing privileges and debit card access, combining savings growth with transactional flexibility.
It models the growth of your account balance by compounding your initial deposit and regular monthly contributions at a stated Annual Percentage Yield (APY). It applies compound interest formulas to project how your interest earns interest over the selected term.
Most commercial banks calculate interest on money market accounts on a daily basis (daily compounding) and credit it to the account monthly. Daily compounding provides slightly faster growth than monthly or annual compounding because your interest begins earning interest the very next day.
HYSAs and MMAs have very similar interest rates and growth projections. The primary difference is access: MMAs often come with check-writing capabilities and debit cards, whereas HYSAs are strictly savings vehicles without check access. Both are federally insured up to $250,000.
A money market account is a bank deposit account that is FDIC-insured. A money market fund is a mutual fund investment offered by brokerage firms that invests in short-term debt securities (like US Treasury bills). Money market funds are not bank deposits and are not FDIC-insured, although they are generally considered very low risk.
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