Here’s how much your money could grow if you put $10, $100, or $1,000 a month in a high-yield savings account

• We did the math to find out how a $10 initial deposit could grow at a 1.75% interest rate in a high-yield savings account if you contribute an additional $10, $100, or $1,000 a month.
• Since the summer of 2019, the Federal Reserve has cut interest rates multiple times and the earning potential on savings accounts has dropped, but many high-yield accounts are still a great deal.
• A good high-yield savings account can still earn up to 20 times more than a typical savings account and ideally doesn’t charge maintenance fees.
• Read more personal finance coverage.

The best high-yield savings accounts live up to all the hype. After all, what more could you need in a savings account than no fees, zero risk, full liquidity, and excellent earning potential? 

Whether you’re building up an emergency fund, saving for a down payment, or preparing for your next Euro trip, it’s hard to go wrong with a high-yield savings account.

Since the summer of 2019, the Federal Reserve has cut interest rates multiple times and the earning potential on savings accounts has dropped as a result, but many high-yield accounts, like Betterment’s and Wealthfront’s cash accounts, are still a great deal. If anything, the Fed’s rate cuts serve as a good reminder to choose a savings account for all its features, not just the APY.

To see how an initial balance of $10 plus additional monthly contributions of $10, $100, or $1,000 would grow at in a high-yield savings account, we plugged the numbers into the compound interest calculator on Investor.gov. These calculations assumed an interest rate of 1.75%, compounded monthly. This rate is a good representation of the earning potential on some of the best high-yield savings accounts right now — Ally’s online savings account earns 1.70% APY, Betterment’s earns 1.78%, and Wealthfront’s earns 1.82%.

Below, you’ll see the total balance (your contributions plus your interest payments) at the end of one year. Note that the interest on this account is compounded monthly and we assume no withdrawals are made from the account.

Ruobing Su/Business Insider

The calculation assumes a constant interest rate of 1.75%, but remember that interest rates are variable. Regardless, the takeaway is the same: The more you save, the more you earn.

While there are rules of thumb for how much you should be saving in retirement accounts and in your emergency fund, financial planners recommend starting wherever you can. No amount is too small, and once you start, it’s easier to keep going.

To make saving feel effortless, consider setting up automatic transfers from a checking account or even directly through your payroll provider. When you save off the top, you quickly adapt to living on less.

• More savings and retirement coverage
• How to retire early
• How to save more money
• When to save money in a CD
• When to save money in high-yield savings