Money Market Calculator
Calculate returns on a money market account with daily compounding. See final balance, total interest earned, and effective APY.
How to Use the Money Market Calculator
- Enter your initial deposit amount.
- Enter the annual interest rate offered.
- Enter the number of years to project growth.
Quick Reference
| From | To |
|---|---|
| $10K, 4.5%, 1 yr | $10,460 |
| $25K, 5%, 2 yrs | $27,628 |
| $50K, 4%, 5 yrs | $61,070 |
| Daily compounding | 365 times/year |
| Typical min. balance | $1,000–$25,000 |
Use Cases
- •Projecting growth of emergency fund in a money market account.
- •Comparing money market rates to traditional savings accounts.
- •Planning short-term cash parking strategies.
Formula
A = P × (1 + r/365)^(365 × t). APY = (1 + r/365)^365 − 1.
Frequently Asked Questions
What is a money market account?
A money market account is a savings account offering higher interest rates, typically with daily compounding and limited transactions.
How does it differ from a savings account?
Money market accounts usually offer higher rates, may require higher minimum balances, and often include check-writing privileges.
Is it free?
Yes, all calculators are completely free.