These calculators are for informational purposes only and do not constitute financial, legal, or tax advice.

Quick Answer

What is a Savings Calculator?

A Savings Calculator projects how much your money will grow over time based on your starting balance, monthly contributions, interest rate (APY), and time period. It uses compound interest formulas to show your future savings balance, total interest earned, and total contributions — instantly and for free.

💰 See Exactly How Your Savings Will Grow

Saving money is one of the most important financial habits you can build — but it’s hard to stay motivated when you can’t see the finish line. Our free Savings Calculator changes that. Enter a few simple numbers and you’ll instantly see how your savings account will grow month by month, year by year, all the way to your goal.

Whether you’re starting from zero or already have money set aside, this tool shows the real power of compound interest. Even modest monthly contributions — $100, $200, $300 — can grow into impressive sums when you’re consistent and patient. The math is on your side. You just need to see it.

This calculator is useful for any saver at any stage: building an emergency fund, saving for a house, planning college costs, or simply growing wealth over time. There are no spreadsheets, no finance degrees required — just enter your numbers and see your future balance.

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Instant Results

See your future balance in seconds

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Compound Interest

Built into every calculation

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Any Goal

Emergency fund to retirement

⚙️ How the Savings Calculator Works

The calculator takes six inputs and produces a complete projection of your savings growth — including the compounding effect of interest over your entire savings period.

Input	What to Enter	Example
Starting Savings	Money you already have saved	$5,000
Monthly Contribution	Amount you add each month	$300
Annual Interest Rate	APY of your savings account	4.5%
Compounding Frequency	How often interest is applied	Monthly
Savings Duration	How many years you plan to save	5 years

What the Calculator Shows You

Final Savings Balance. Your projected total account value at the end of your savings period — the bottom line.	Total Deposits. How much you personally contributed — starting savings plus all monthly additions over the entire period.
Interest Earned. The total amount your savings account added for free — the benefit of compound interest working in your favor.	Growth Over Time. A year-by-year breakdown showing how your balance grows — revealing the acceleration effect of compound interest in the later years.

🔢 Savings Formula Explained

The calculator uses two formulas combined — one to grow your existing savings and one to accumulate your monthly deposits. Add them together for your total projected balance.

FORMULA 1

Future Value of Your Starting Balance

FV₁ = PV × (1 + r/n)n×t

FORMULA 2

Future Value of Monthly Contributions

FV₂ = PMT × [((1 + r/n)n×t − 1) ÷ (r/n)]

Total Future Balance = FV₁ + FV₂

Variable	Meaning	Plain English
FV	Future Value	What your savings will be worth at the end
PV	Present Value	Money you already have saved today
PMT	Payment (monthly contribution)	How much you add each month
r	Annual interest rate (decimal)	Your APY divided by 100 (4.5% → 0.045)
n	Compounding periods per year	Monthly = 12, quarterly = 4, annually = 1
t	Time in years	How long you plan to save

📋 Step-by-Step Instructions

Enter your current savings balance.
This is the money you already have saved. Enter $0 if you’re starting fresh — it’s a perfectly valid starting point.

Enter your monthly contribution.
How much can you add each month? Even $50 or $100/month makes a difference over time. Be realistic — you’ll want to sustain this amount.

Choose your annual interest rate (APY).
Use the APY from your savings account. High-yield savings accounts offer 4–5% APY; traditional banks typically offer 0.01–0.5%.

Select compounding frequency.
Most savings accounts compound daily or monthly. Monthly is the most common for standard savings accounts. Select what matches your account.

Enter how many years you’ll save.
Set a clear time horizon. Short-term: 1–3 years (vacation, car). Medium-term: 3–7 years (down payment). Long-term: 10+ years (retirement, college).

Click Calculate.
The tool runs the compound interest formula instantly and returns your complete savings projection.

Review your results and adjust scenarios.
See your future balance, interest earned, and total contributions. Try increasing your monthly deposit or APY to instantly see the impact.

📊 Understanding Your Results

After clicking Calculate, you’ll see a detailed breakdown of your savings projection. Here’s what each result means:

💼 Final Savings Balance ＋

Your total account value at the end of the savings period. This equals everything you personally deposited plus all the interest your account earned. This is your projected balance on the last day of your savings plan. It’s the most important number — it tells you whether your current savings habits will get you to your goal on time.

💵 Total Deposits (Contributions) ＋

The sum of every dollar you personally put into your savings account. This includes your starting balance plus every monthly contribution over the full savings period. The difference between your Total Deposits and your Final Balance is exactly how much interest you earned — making the comparison between these two numbers one of the most satisfying outputs in the calculator.

🌱 Interest Earned ＋

The total money your savings account paid you in interest over the entire savings period. This is your reward for keeping money in a savings account instead of a checking account — income you generated without any additional effort. Over longer periods, interest earned can exceed your actual contributions, which is the magic of compound interest. This number grows faster the higher your APY and the longer you save.

📈 Growth Over Time (Year-by-Year) ＋

The year-by-year breakdown shows your balance at the end of each year. Notice that the growth isn’t linear — it curves upward over time. In early years, most of your balance comes from deposits. In later years, interest accounts for a larger and larger share of your growth. This acceleration is the compound interest effect, and it’s most powerful over 10+ year timelines.

🎯 Savings Projection vs. Goal ＋

If you have a specific savings target in mind, compare your Final Balance to that goal. If you’re falling short, experiment with increasing your monthly contribution or choosing a higher-APY account. If you’re exceeding your goal, you may be able to save less each month or reach your goal sooner. For goal-specific planning, our Savings Goal Calculator can calculate exactly how much you need to contribute each month to hit any target by a specific date.

🧮 5 Real-World Savings Examples

All examples use monthly compounding. See how different goals, timelines, and contribution amounts produce dramatically different results.

Goal	Starting	Monthly	APY	Years	Contributions	Interest	Final Balance
🛡️ Emergency Fund	$0	$300	4.5%	1 yr	$3,600	$75	$3,675
🏠 Down Payment	$5,000	$500	4.5%	3 yrs	$23,000	$1,952	$24,952
🎓 College Savings	$2,000	$200	5%	5 yrs	$14,000	$2,167	$16,167
✈️ Vacation Fund	$0	$150	4%	1.5 yrs	$2,700	$61	$2,761
👴 Retirement Start	$10,000	$500	7%	10 yrs	$70,000	$36,631	$106,631

💡 Key Insight: The retirement example earns $36,631 in interest — more than half a year’s salary in many cases — on top of $70,000 in contributions. That’s the power of 7% compounding over 10 years. Extend the timeline to 20 years and the interest earned would dwarf the contributions.

🌟 Benefits of Saving Regularly

🏛️ Financial Security A healthy savings balance creates a buffer between you and financial emergencies. Job loss, car repairs, medical bills — savings turns disasters into inconveniences.	📈 Compound Growth Every dollar saved today earns interest, and that interest earns interest. Over time, compound growth adds thousands of dollars you never had to earn directly.
🎯 Goal Achievement Regular saving turns big goals — a house, a car, a degree — from dreams into scheduled outcomes. With a plan and a deadline, goals become achievable milestones.	🧘 Reduced Financial Stress Americans cite money as the #1 source of stress. A growing savings account provides a sense of control and calm that ripples into every area of life.
🛡️ Emergency Preparedness A fully funded emergency fund (3–6 months of expenses) prevents high-interest debt when the unexpected happens.	🏖️ Retirement Freedom Early, consistent saving gives compound interest decades to work. Starting at 25 vs. 35 can mean hundreds of thousands more in retirement.

⚡ Tips to Grow Your Savings Faster

Tip 1. Automate your transfers. Set up an automatic transfer on payday. When savings move before you can spend, they disappear into your goals without effort. Automation is the single most reliable savings habit proven by behavioral research.

Tip 2. Move to a high-yield savings account. A 4.5% APY HYSA earns nearly 450× more than a 0.01% traditional bank account on the same balance. Use our HYSA Calculator to see the dollar difference switching accounts would make for your specific situation.

Tip 3. Increase contributions with every raise. When your income goes up, redirect at least 50% of the increase to savings. Your lifestyle doesn’t miss money it never absorbed, and your savings timeline shortens dramatically.

Tip 4. Save bonuses and tax refunds immediately. Before a windfall blends into spending, direct it straight to your savings account. The average US tax refund is about $3,000 — deposited in full, that’s 6–10 months of contributions saved in one day.

Tip 5. Cut one monthly expense and redirect it. Cancel one subscription ($15–$20/month), negotiate your phone bill, or brown-bag lunch twice a week. Redirect every dollar saved directly to your savings goal.

Tip 6. Use a dedicated savings account per goal. Keep each savings goal in its own labeled account (or sub-account). Mixing funds makes it easy to accidentally spend goal money. Separation creates clarity and reduces impulsive withdrawals.

Tip 7. Never withdraw from your savings early. Every withdrawal doesn’t just take money out — it removes future compound growth on that money. A $500 early withdrawal from a 5% account today costs you roughly $650 if your timeline is 5 years.

Tip 8. Lock in a high rate with a CD for fixed-timeline goals. If your goal is 1–5 years away, consider a Certificate of Deposit. CDs guarantee your rate for the entire term — useful when you expect rates to fall.

Tip 9. Track spending for 30 days. A month of honest expense tracking typically reveals $100–$300 in unintentional spending — money that could instead fund a savings goal without any real lifestyle sacrifice.

Tip 10. Review this calculator every quarter. Update your balance and recalculate. Seeing real progress is one of the most powerful motivators to keep going. Small positive adjustments compound just like your interest does.

🚫 Common Savings Mistakes to Avoid

1. Saving inconsistently. Sporadic deposits break the compound growth cycle. Missing 3 months out of 36 can cost hundreds in missed interest and delay your goal date.	2. Ignoring your interest rate. Keeping $10,000 in a 0.01% account vs. a 4.5% HYSA costs you roughly $450/year in lost interest. That’s money you’re leaving on the table every single year.
3. Starting too late. Waiting 5 years to start saving for retirement can cost more than waiting costs in any other financial context — because you lose the most powerful compounding years at the beginning.	4. Never increasing contributions. If you saved $200/month at 25 and never increased it, inflation erodes its real value each year. Increasing by just 3% annually keeps pace with inflation.
5. Withdrawing frequently. Treating your savings account like a secondary checking account eliminates all compound growth on withdrawn funds. Every withdrawal is a step backward, not just sideways.	6. Saving without a goal. “Just saving” with no target amount or timeline makes it hard to measure progress. Define a specific goal amount and date, then let the Savings Goal Calculator build your monthly plan.

🌱 Savings Goals by Life Stage

Your savings priorities should evolve with your life. Here’s a roadmap for each major stage:

🎓 Students (Age 16–22) ＋

Priority: Build the savings habit — the amount matters less than the consistency.

Open a high-yield savings account with no monthly fees
Save at least 10–20% of any part-time income
Build a starter emergency fund of $500–$1,000
Avoid student loans for living expenses if possible
If working part-time, contribute to a Roth IRA — time is your biggest asset

💼 Early Career (Age 22–30) ＋

Priority: Emergency fund first, then employer 401(k) match, then savings goals.

Build a 3–6 month emergency fund (use our Emergency Fund Calculator)
Contribute at least enough to 401(k) to capture employer match — that’s free money
Open a Roth IRA and max it out ($7,000/year in 2024)
Save for your first major purchase: car down payment or apartment deposit
Automate savings every payday — pay yourself first, always

👨‍👩‍👧 Families (Age 28–40) ＋

Priority: Balancing multiple goals simultaneously — emergencies, kids, homeownership.

Expand emergency fund to 6 months — income instability risk rises with dependents
Open a 529 college savings plan if you have children
Build a house down payment fund in a dedicated HYSA
Budget for child-related expenses: childcare, medical, education
Continue retirement contributions — don’t pause them for shorter-term goals

🏠 Homebuyers (Any Age) ＋

Priority: Save 10–20% down payment plus 2–5% for closing costs in a liquid account.

Use a HYSA or CD ladder for down payment savings — keep it liquid but earning
Don’t deplete your emergency fund for the down payment
Budget for closing costs (2–5% of home price) and moving expenses
Set a firm purchase timeline and use our Savings Goal Calculator to plan monthly contributions
Avoid large purchases or career changes during the mortgage process

📊 Mid-Career (Age 40–55) ＋

Priority: Peak earning years — maximize retirement contributions and eliminate debt.

Max out 401(k) contributions ($23,000/year in 2024; $30,500 if age 50+)
Pay down remaining mortgage and high-interest debt aggressively
Review and accelerate college savings if children are approaching 18
Use the Compound Interest Calculator to model retirement projections
Build taxable brokerage investments beyond retirement account limits

🏖️ Retirement Planning (Age 55–65+) ＋

Priority: Shift from accumulation to preservation and income planning.

Reassess risk tolerance and shift allocation toward more stable assets
Build a 1–2 year cash reserve so you don’t have to sell investments in a downturn
Understand your Social Security benefit and optimal claiming age (use SSA.gov)
Plan required minimum distributions (RMDs) from traditional IRAs starting at age 73
Consider CD laddering and money market accounts for stable income

❓ Frequently Asked Questions

What is a savings calculator? ＋

A savings calculator is a free online tool that projects how your savings will grow over time using compound interest formulas. You enter your starting balance, monthly contribution, annual interest rate (APY), compounding frequency, and savings period. The calculator returns your projected future balance, total interest earned, and total deposits — all instantly. It helps you plan smarter, compare scenarios, and stay motivated by showing exactly where your money will be at any future date.

How accurate is the savings calculator? ＋

The math is exact based on your inputs. However, projections assume a constant interest rate and consistent monthly contributions — neither of which is guaranteed in real life. Savings account APYs change with Federal Reserve rate decisions. Unexpected expenses can disrupt contributions. To account for uncertainty, use a slightly conservative interest rate (0.5–1% below current advertised rates) and review your calculation every 3–6 months with updated inputs to stay on track.

Does it include compound interest? ＋

Yes — compound interest is built into every calculation. The calculator applies your interest rate to both your initial balance and your monthly deposits, with the compounding frequency you select (daily, monthly, quarterly, or annually). Most savings accounts compound daily or monthly. For accuracy, select the compounding frequency that matches your actual account. If you’re unsure, monthly compounding is the safest default and closely matches most savings products.

How often should I save? ＋

Ideally, every payday — automatically. Setting up an automatic transfer on the day you’re paid removes the decision from the equation entirely. Monthly is the most common cadence for savings contributions because it aligns with most paycheck and bill schedules. If you’re paid bi-weekly, saving bi-weekly is even better — you end up making one extra “month’s worth” of contributions per year, which meaningfully accelerates your timeline.

What interest rate should I use? ＋

Use the current APY (Annual Percentage Yield) of your actual savings account — find it on your bank’s website or monthly statement. As reference points: traditional bank savings accounts offer 0.01–0.5% APY; high-yield savings accounts at online banks typically offer 4–5% APY; money market accounts range from 3–5%; CDs vary by term. For long-term projections, use a rate 0.5% below current rates to account for potential rate decreases over your savings period.

What’s the difference between simple and compound interest? ＋

Simple interest is calculated only on your principal (original deposit): SI = P × R × T. It grows linearly. Compound interest is calculated on your principal plus all previously earned interest — it grows exponentially. Over 10 years at 5%: a $10,000 deposit earns $5,000 in simple interest vs. $6,289 in annual compound interest. The longer the period, the bigger the gap. All savings accounts use compound interest, which is why keeping money in savings — and leaving it untouched — is so powerful. See our Simple Interest Calculator to compare.

Can I calculate savings with no interest? ＋

Yes — enter 0% for the interest rate and the calculator will show you the pure accumulation of deposits with no interest effect. This is useful if you’re saving cash, planning for a very short period (1–2 months), or simply want to see exactly how much you’d save without any returns. Of course, we recommend always using at least a high-yield savings account to earn something on your balance. Even 4–5% on modest savings adds up to real money over 12–24 months.

How much should I save each month? ＋

A common guideline is the 50/30/20 rule: 50% of take-home pay to needs, 30% to wants, and 20% to savings and debt repayment. If your take-home is $4,000/month, that’s $800/month toward savings goals and debt. The right amount for you depends on your specific goals and timeline. Use this Savings Calculator alongside our Savings Goal Calculator to find the exact monthly amount needed for each of your goals and budget accordingly.

What is compounding frequency and why does it matter? ＋

Compounding frequency is how often your interest is calculated and added to your balance. Daily compounding means interest is applied 365 times per year; monthly means 12 times. More frequent compounding generates slightly more total interest because interest is added to your balance sooner and begins earning its own interest earlier. The difference between monthly and daily compounding is small in practice — but the difference between annual and monthly compounding matters on larger balances over longer periods. Most HYSAs compound daily, which is ideal.

Can I use this calculator for retirement planning? ＋

Yes — this calculator can project any long-term savings goal, including retirement. Enter a higher interest rate (6–8% for a diversified investment portfolio) and a longer time period (10–30 years) to model retirement growth. However, for comprehensive retirement planning, you’ll want a dedicated retirement calculator that factors in inflation, tax-advantaged accounts (401k, Roth IRA), Social Security income, and required minimum distributions (RMDs). Our Compound Interest Calculator is excellent for modeling long-term investment growth.

Is this calculator free? ＋

Yes — completely free, with no registration, no email, and no subscription required. The calculator runs entirely in your browser and never stores or shares your financial information. FinanceNavigatorPro is committed to providing free, accurate financial tools for everyone. You can use it as many times as you like, with as many different scenarios as you want. Explore our full library of free financial calculators to plan every aspect of your financial life.

What is APY vs APR? ＋

APY (Annual Percentage Yield) is the actual return you earn on a savings account after accounting for compound interest. APR (Annual Percentage Rate) is the stated interest rate before compounding, commonly used for loans and credit cards. For savings accounts, always use APY in this calculator — it reflects your true return. A 4.80% APR compounded monthly becomes approximately 4.91% APY. Banks are required to disclose APY prominently on all savings products, making comparison straightforward. Always compare APY — not APR — when evaluating savings accounts.

How does starting early affect my savings? ＋

Starting early is the single most powerful advantage in any savings plan. Example: Two people save $300/month at 5% APY. Person A starts at 25; Person B starts at 35. At age 65: Person A has approximately $488,000. Person B has approximately $277,000. Person A contributed only $36,000 more but ends up with over $211,000 more — entirely because of the extra 10 years of compounding. Time in savings is more valuable than the amount saved. There is no strategy that beats starting early.

How does inflation affect my savings? ＋

Inflation reduces the purchasing power of your savings over time. If your savings account earns 3% APY and inflation runs at 3%, your real return is effectively 0% — your balance grows but buys the same amount as today. To calculate your “real return,” subtract the inflation rate from your APY. For short-term goals (1–2 years), inflation is a minor concern. For long-term savings (5+ years), it’s significant. This calculator doesn’t automatically adjust for inflation — for inflation-adjusted projections, reduce your entered interest rate by the expected inflation rate (typically 2–3%) to see your real purchasing power growth.

What’s the best type of savings account? ＋

The best savings account depends on your goal and timeline. For maximum yield on liquid savings: a high-yield savings account (HYSA) at an online bank offers 4–5% APY with full FDIC protection. For a fixed-term goal with a guaranteed rate: a Certificate of Deposit (CD) locks in your rate for 6 months to 5 years. For spending needs with interest: a money market account offers check-writing with competitive rates. For long-term investing: a Roth IRA or 401(k) with index funds typically outperforms any savings account over 10+ years.

Can I save for multiple goals at once? ＋

Absolutely — and most financial advisors recommend it. Run each goal through this calculator separately to find the required monthly contribution. Then add them up to find your total monthly savings need. Prioritize by urgency: emergency fund first, then retirement contributions (to capture any employer match), then shorter-term goals. Open a separate savings account — or sub-account — for each goal to keep funds organized and prevent accidental spending. Many online banks let you create unlimited labeled savings “buckets” within one account for free.

Should I save or pay off debt first? ＋

Both matter — and the math helps you decide. If your debt carries an interest rate higher than your savings APY (e.g., 20% credit card vs. 5% savings), eliminating that debt first provides a guaranteed 20% risk-free return. However, always maintain a small emergency fund even while paying debt, and always capture any employer 401(k) match before extra debt payments (that’s an immediate 50–100% return). A practical sequence: (1) starter emergency fund ($1,000); (2) employer 401(k) match; (3) high-interest debt; (4) full emergency fund; (5) other savings goals.

What is the 50/30/20 savings rule? ＋

The 50/30/20 rule is a simple budgeting framework: allocate 50% of your after-tax income to needs (rent, food, utilities, transportation), 30% to wants (dining, entertainment, subscriptions), and 20% to savings and debt repayment. On a $5,000/month take-home, that’s $1,000/month toward savings. This rule was popularized by Senator Elizabeth Warren and is endorsed by major personal finance organizations. It’s a starting guideline — not a law. High earners often save 30–40%, and anyone aggressively pursuing a goal might redirect some of the 30% wants bucket temporarily.

Are my savings FDIC-insured? ＋

Yes — savings deposits at FDIC-insured banks are protected up to $250,000 per depositor, per institution, per account category. The FDIC (Federal Deposit Insurance Corporation) is a US government agency that guarantees deposits even if a bank fails. Most major banks and online HYSAs are FDIC-insured. Credit union deposits are insured up to the same limit by the NCUA (National Credit Union Administration), a separate but equivalent federal agency. Always verify FDIC or NCUA membership before depositing at any financial institution.

How do I track my savings progress over time? ＋

The most effective approach: (1) Use this calculator to set your projection; (2) Screenshot or note your expected balance at 3-month intervals; (3) Every 3 months, update your actual balance in the calculator and compare to your projection. If you’re ahead — great, you’re ahead of plan. If you’re behind, adjust: increase contributions, find a higher-rate account, or extend your timeline. Keeping a simple running total in a notes app or spreadsheet takes 5 minutes per month and dramatically improves follow-through by making progress (and setbacks) visible and concrete.

📚 Trusted Resources for Savers

These government and regulatory resources provide reliable, unbiased financial education:

🏛️ FDIC (fdic.gov) FDIC insurance information, bank lookup tools, and consumer savings education.	🏦 CFPB (consumerfinance.gov) Consumer Financial Protection Bureau — savings tips, financial tools, and banking guides.
🌐 MyMoney.gov US government financial literacy hub — budgeting, saving, and planning guidance.	📊 Federal Reserve (federalreserve.gov) Current interest rate data, banking research, and economic reports for savers.
💼 IRS (irs.gov) Tax-advantaged savings accounts (IRA, HSA, 529) — contribution limits and eligibility rules.	🌐 USA.gov (usa.gov/saving-money) Government resources on saving money, financial planning, and retirement guidance.

🏁 Conclusion: Every Dollar Saved Today Multiplies Tomorrow

Saving consistently is one of the most reliable paths to financial freedom — not because it’s glamorous, but because the math relentlessly works in your favor. Compound interest doesn’t care about the stock market, your industry, or economic headlines. It just keeps compounding, month after month, year after year, on every dollar you keep in your account.

The hardest part of saving isn’t the math — it’s starting and staying consistent. This calculator removes the math barrier entirely. You now know exactly how much to save, what account to use, and when you’ll reach your goal. The only remaining step is taking action.

Run the numbers for your specific situation. Test different monthly contributions. Compare a 0.5% account to a 4.5% account. See what starting 6 months earlier would do for your balance. The insights are immediate and often surprising — in a good way.

Ready to calculate your savings growth?

Use the calculator above. Enter your balance, monthly contribution, and APY — and see your financial future in seconds. Set a goal. Start saving. Check back every quarter. Progress is the best motivation.

Also explore: Savings Goal Calculator · Emergency Fund Calculator · HYSA Calculator · Compound Interest Calculator

🔗 Related Calculators

🎯 Savings Goal Calculator Find your required monthly savings and exact completion date for any financial goal.	🛡️ Emergency Fund Calculator Calculate your ideal emergency fund size and how long it will take to build it.
📈 Compound Interest Calculator Model long-term investment growth with full compound interest projections over decades.	🏦 High-Yield Savings Calculator See exactly how much more you earn in a 4–5% HYSA vs. a traditional bank account.
📅 CD Calculator Calculate Certificate of Deposit returns and lock in a guaranteed rate for your savings timeline.	🔢 Simple Interest Calculator Calculate simple interest (SI = P×R×T) for short-term loans, CDs, and savings products.
📊 Money Market Calculator Project money market account growth and compare it to other savings vehicle rates.	🔒 Fixed Deposit Calculator Calculate maturity value and interest earned on fixed-term deposits at any rate.

Disclaimer: This Savings Calculator provides estimates for educational and planning purposes only. Actual savings growth may differ based on changes in interest rates, fees, contribution amounts, and compounding methods used by your specific financial institution. Interest rates on savings accounts are variable and subject to change. This tool does not constitute financial advice. Please consult a licensed financial advisor for personalized guidance. All deposit products should be verified for FDIC or NCUA insurance coverage before depositing funds.