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Amex Savings Account Calculator

Reviewed by Calculator Editorial Team

Use this Amex Savings Account Calculator to estimate how much interest you could earn on your savings with American Express. Simply enter your initial deposit, annual interest rate, and time period to see your projected balance.

How to Use This Calculator

To use the Amex Savings Account Calculator:

  1. Enter your initial deposit amount in the "Initial Deposit" field.
  2. Select your annual interest rate from the dropdown menu.
  3. Choose the time period for your savings (in years).
  4. Click "Calculate" to see your projected balance.

The calculator will display your projected balance after the selected time period, showing both the principal and the interest earned.

Formula Used

The calculation uses the simple interest formula:

Future Value = Initial Deposit × (1 + (Annual Interest Rate × Time Period))

Where:

  • Initial Deposit - The amount of money you start with
  • Annual Interest Rate - The interest rate per year (as a decimal)
  • Time Period - The number of years the money will be saved

Note: This calculator uses simple interest. For more complex interest calculations, consult a financial advisor.

Worked Example

Let's say you deposit $1,000 in an Amex savings account with a 2% annual interest rate. Here's how the calculation works:

Future Value = $1,000 × (1 + (0.02 × 5)) Future Value = $1,000 × 1.10 Future Value = $1,100

After 5 years, you would have $1,100 in your account, with $100 being interest earned.

Frequently Asked Questions

What is the difference between simple and compound interest?
Simple interest is calculated only on the original principal amount, while compound interest is calculated on the principal and also on the accumulated interest of previous periods.
How often is interest calculated in a savings account?
Most savings accounts calculate interest daily, but the interest is typically credited to your account monthly or quarterly.
Can I withdraw money from my savings account without penalty?
Yes, you can usually withdraw money from your savings account without penalty, but check your account terms for any restrictions.