Learn how to find and use the M1 Savings Calculator to plan and grow your savings for any financial goal. This guide covers step-by-step instructions, how to interpret your results, limitations and assumptions built into the calculator, and tips for exploring different scenarios.
Where to find the Savings Calculator
You can access the M1 Savings Calculator directly on our website.
Go to M1.com
Navigate to Learn (found in the main menu or footer).
Click Savings Calculator to open the tool in your browser.
Note: The calculator is currently available on web only, not within the M1 mobile app.
What does the Savings Calculator do?
The Savings Calculator helps you estimate how regular contributions and earned interest over time can help you reach a savings goal. It’s suitable for planning big purchases, emergency funds, vacations, or long-term objectives.
Key features
Projects your future savings growth based on your inputs
Calculates the monthly contribution required to reach your target
Shows interest earned over the selected period
Step-by-step: How to use the Savings Calculator
Enter your savings goal ($):
Input the dollar amount you want to have saved at the end of your chosen timeline.
Enter your starting balance:
Enter how much you have already saved. The calculator uses this as your starting point.
Enter the Annual Percentage Yield (APY):
Type in your account’s APY (interest rate). You can find this on your M1 account details or ask your financial provider.
Select the number of years to grow:
Choose how many years you want to save for. You may only enter whole years (e.g., 3 years).
Review your results:
The calculator will display the required monthly contribution to meet your goal within the timeframe.
Sample calculation
Example:
Savings Goal: $10,000
Starting Balance: $2,000
APY: 3.10%
Years: 5
Result: The calculator may show you need to save about $118 per month to reach $10,000 in 5 years, with an approximation of earned interest (assuming monthly compounding and a fixed APY).
Understanding how compounding works
The M1 Savings Calculator uses monthly compounding for its projections unless otherwise specified.
This means interest is calculated and added to your balance each month, speeding the growth of your savings over time.
Key limitations and assumptions
Fixed Interest Rate: The calculator assumes your APY will remain constant through the entire period, which may differ from reality if interest rates change.
No Tax Withholding: Results do not account for taxes on interest earned.
Consistent Contributions: The tool assumes you will make regular monthly deposits as calculated.
No Withdrawals: Withdrawals or skipped contributions are not factored in; these would affect your real results.
How to use and interpret your results
Monthly Contribution: Shows how much you’ll need to save each month to reach your stated goal.
M1 and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
M1 is not a bank and M1 High-Yield Cash Accounts are not a checking or savings account. M1 High-Yield Cash Accounts are an investment product offered by M1 Finance, LLC, an SEC registered broker-dealer, Member FINRA / SIPC. The purpose of High-Yield Cash Accounts are to earn interest on secuirties not actively invested. An open M1 Investment account is required to participate in the M1 High-Yield Cash Account.
M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 High-Yield Savings Accounts are furnished by B2 Bank, NA, Member FDIC.
Past performance is no guarantee future results. This is not an offer, solicitation of an offer, or advice to buy or sell any security and you are encouraged to consult your personal investment, legal, or tax advisors.
This content was generated using artificial intelligence and is intended for informational and educational purposes only. While reasonable efforts are made to ensure accuracy, AI-generated outputs may omit key context; and should not be construed as financial, investment, legal, or tax advice. Users should independently verify all information and consult a qualified professional before making any financial decisions.
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