Enter the total savings amount and the savings rate into the calculator to determine the annual return of a high yield savings account.
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High Yield Savings Account Formula
The following formula is used to calculate the annual return on a high yield savings account.
R = I * APY
- Where R is the total annual return ($)
- I is the invested or saved amount ($)
- APY is the annual return rate of the savings account (%)
High Yield Savings Account Definition
A high yield savings account is a savings account that returns a higher than average return on the money deposited.
High Yield Savings Account Example
How to calculate a high yields savings account return?
- First, determine the total amount saved.
Calculate the total amount in the savings account.
- Next, determine the annual rate.
Determine the annual interest rate earned.
- Finally, calculate the high yield savings return.
Calculate the total return using the equation above.
A high yield savings account is a savings account that returns a high % return on the money saved when compared with other accounts.
Typically high yield savings account generates a .50% – 1% return, with some offering even higher than 1%.