Estimate how your savings could grow with a Marcus by Goldman Sachs High-Yield Online Savings Account.
Projected Savings Summary:
Total Contributions:
Total Interest Earned:
Total Savings:
function calculateMarcusSavings() {
var initialDeposit = parseFloat(document.getElementById("initialDeposit").value);
var monthlyContribution = parseFloat(document.getElementById("monthlyContribution").value);
var apyPercentage = parseFloat(document.getElementById("apyPercentage").value);
var years = parseFloat(document.getElementById("savingsDurationYears").value);
var errorDiv = document.getElementById("marcusCalculatorError");
var resultsDiv = document.getElementById("marcusCalculatorResults");
// Input validation
if (isNaN(initialDeposit) || initialDeposit < 0 ||
isNaN(monthlyContribution) || monthlyContribution < 0 ||
isNaN(apyPercentage) || apyPercentage < 0 ||
isNaN(years) || years <= 0) {
errorDiv.textContent = "Please enter valid positive numbers for all fields.";
resultsDiv.style.display = "none";
return;
} else {
errorDiv.textContent = ""; // Clear any previous error
}
var apy = apyPercentage / 100;
var totalMonths = years * 12;
var fvInitial;
var fvContributions;
// Handle zero APY case to avoid division by zero in annuity formula
if (apy === 0) {
fvInitial = initialDeposit;
fvContributions = monthlyContribution * totalMonths;
} else {
// Calculate effective monthly interest rate from APY
var monthlyRate = Math.pow(1 + apy, 1/12) – 1;
// Future value of initial deposit compounded monthly
fvInitial = initialDeposit * Math.pow(1 + monthlyRate, totalMonths);
// Future value of a series of monthly contributions (annuity)
fvContributions = monthlyContribution * ((Math.pow(1 + monthlyRate, totalMonths) – 1) / monthlyRate);
}
var totalSavings = fvInitial + fvContributions;
var totalContributionsMade = initialDeposit + (monthlyContribution * totalMonths);
var totalInterest = totalSavings – totalContributionsMade;
document.getElementById("totalContributions").textContent = "$" + totalContributionsMade.toFixed(2);
document.getElementById("totalInterest").textContent = "$" + totalInterest.toFixed(2);
document.getElementById("totalSavings").textContent = "$" + totalSavings.toFixed(2);
resultsDiv.style.display = "block";
}
Understanding Your Marcus Savings Growth
The Marcus Savings Growth Calculator helps you visualize how your money can grow over time in a Marcus by Goldman Sachs High-Yield Online Savings Account. Marcus is known for offering competitive Annual Percentage Yields (APYs) and features like no minimum balance requirements and no monthly fees, making it an attractive option for many savers.
How Marcus Savings Accounts Work
Marcus by Goldman Sachs offers a high-yield online savings account designed to help your money earn more than traditional savings accounts. Key features include:
High APY: Marcus consistently offers APYs that are significantly higher than the national average for savings accounts.
Daily Compounding: Interest is compounded daily, meaning your interest starts earning interest almost immediately. This effect, known as "compound interest," is a powerful tool for wealth accumulation. While interest is compounded daily, it's typically paid out to your account monthly. The APY provided by Marcus already reflects this daily compounding effect over a year.
No Fees: There are no monthly maintenance fees or transaction fees, ensuring more of your money stays in your account.
No Minimum Balance: You can open an account and start saving with any amount, and there's no minimum balance required to earn the stated APY.
How the Calculator Works
This calculator uses a standard compound interest formula to project the growth of your savings based on your initial deposit, regular monthly contributions, the Annual Percentage Yield (APY), and your chosen savings duration. Here's a breakdown of the inputs:
Initial Savings Deposit ($): This is the lump sum amount you start with in your Marcus account.
Monthly Savings Contribution ($): This is the amount you plan to add to your savings every month. Consistent contributions significantly boost your total savings over time.
Annual Percentage Yield (APY %): This is the effective annual rate of return your savings account earns. Marcus's APY is a variable rate, meaning it can change over time. For the calculator, use the current APY offered by Marcus or an estimated future rate. The calculator converts this annual rate into an effective monthly rate for accurate compounding calculations.
Savings Duration (Years): This is the total number of years you plan to save. The longer your money stays in the account, the more time it has to grow through compounding.
Understanding Your Results
Total Contributions: This is the sum of your initial deposit and all your monthly contributions over the specified duration. It represents the total amount of your own money you've put into the account.
Total Interest Earned: This is the difference between your total savings and your total contributions. It's the "free money" your account has generated through the power of compounding interest.
Total Savings: This is the grand total amount you are projected to have at the end of your savings duration, including both your contributions and the interest earned.
Remember, the APY offered by Marcus is variable and can change. This calculator provides an estimate based on the APY you enter. For the most current rates, always check the official Marcus by Goldman Sachs website.