Savings Calculator
Thanks to compounding interest, starting to save sooner can be worth far more than saving later. This calculator helps you see how much more interest you could earn by beginning now versus waiting. It's built for savers at any stage, so you can see the real cost of waiting, and the payoff of starting today.
Questions about savings accounts from UMB?
A checking account is a type of deposit account meant for everyday spending, allowing you to easily make purchases with a debit card or checks and withdraw cash at an ATM. Typically, the majority of your monthly income is deposited in checking to cover life’s regular expenses.
A savings account is also a deposit account, but it’s designed to hold money you don’t plan to spend right away. Savings accounts help you stash money for specific purposes and goals, like an emergency fund or a down payment. While you can withdraw your money from savings, many banks and credit unions limit the number of transactions you can make in a month.
The interest you can earn with a savings account is the key difference. While some checking accounts are “interest-bearing,” these accounts typically require a minimum opening balance and include a service fee. However, generally all savings accounts offer some amount of monthly interest paid on your balance.
With a savings account, your bank pays you interest on your balance. The interest rate you earn and corresponding annual percentage yield (APY) can vary by bank and by the type of savings account you choose. “APY” is the rate of interest earned on your savings, factoring in compounding interest. Savings accounts offer safety and a consistent rate of return.
Savings accounts are generally insured by the Federal Deposit Insurance Corporation (FDIC) at banks and the National Credit Union Administration (NCUA) at credit unions. This insurance means that your savings are protected up to certain limits ($250,000 per depositor, per account ownership category).
Yes, UMB offers a wide range of personal savings accounts, from youth savings accounts with just a $25 opening balance minimum to premium savings accounts for those with larger balances. You can compare UMB savings account options and apply for most online. See which UMB savings account makes the most sense for your lifestyle and start saving for your goals today.
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