Money Market Calculator | Calculate Your Potential Earnings

How the Money Market Calculator Works

Enter Your Initial Deposit

Start by entering the amount you plan to initially deposit into your money market account.

Set Monthly Contributions

Input any additional monthly deposits you plan to make to grow your savings faster.

Choose Interest Rate

Enter the annual percentage yield (APY) offered by your financial institution.

View Your Results

See your potential earnings over time with our detailed breakdown and visual chart.

Frequently Asked Questions

What is a money market account?

A money market account is a type of savings account that typically offers higher interest rates than traditional savings accounts. It often requires a higher minimum balance but provides more flexibility with check-writing privileges.

How is money market interest calculated?

Money market interest is typically calculated daily and credited to your account monthly. The annual percentage yield (APY) takes into account the effect of compounding interest over time.

What affects money market rates?

Money market rates are influenced by several factors, including Federal Reserve policies, overall market conditions, and the financial institution's own policies. Rates can vary significantly between different banks and credit unions.

How often does interest compound in a money market account?

Most money market accounts compound interest daily, though some may compound monthly or quarterly. More frequent compounding generally results in higher earnings over time.