SoFi HYSA Interest Calculator

Compound Interest Formula:

\[ \text{Interest} = P \times (1 + \frac{r}{365})^{365 \times t} - P \]

Principal Amount (P):

Annual Interest Rate (r):

decimal (e.g., 0.046 for 4.6%)

Time Period (t):

years

Interest Earned:

Total Value:

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1. What is the SoFi HYSA Interest Calculator?

The SoFi High-Yield Savings Account (HYSA) Interest Calculator helps you estimate how much interest your money can earn in a SoFi savings account using daily compounding interest.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

\[ \text{Interest} = P \times (1 + \frac{r}{365})^{365 \times t} - P \]

Where:

$ P $ — Principal amount ($)
$ r $ — Annual interest rate (decimal, e.g., 0.046 for 4.6%)
$ t $ — Time in years
365 — Compounding frequency (daily)

Explanation: The formula calculates how much your money grows with daily compounding interest over time.

3. Importance of Interest Calculation

Details: Understanding potential earnings helps with financial planning and comparing different savings options. Even small rate differences can significantly impact long-term growth.

4. Using the Calculator

Tips: Enter your principal amount, current APY (as a decimal), and time period. The calculator shows both interest earned and total account value.

5. Frequently Asked Questions (FAQ)

Q1: How often does SoFi compound interest?
A: SoFi compounds interest daily and pays it monthly.

Q2: Is the interest rate guaranteed?
A: HYSA rates can change. This calculator uses your input rate for projections.

Q3: Are there any fees?
A: SoFi doesn't charge monthly fees on their HYSA, but check current terms.

Q4: How accurate is this calculator?
A: It provides estimates assuming constant rate and no withdrawals/deposits.

Q5: Can I use this for other banks?
A: Yes, if they offer daily compounding. Adjust the rate accordingly.