Free savings tool
Compound interest calculator
See what your savings could grow to over time. Enter a starting amount, what you add each month, a rate, and a number of years, and the calculator shows the future value and how much of it is growth versus your own contributions. Saving $200 a month for 20 years at 2.25% grows to around $60,000. It is free and runs entirely in your browser.
Try a scenario
This is the rate your own savings or investment account pays, not Lodavo. A common Canadian benchmark is the Bank of Canada policy rate (2.25%, June 2026). Lodavo pays no interest. It adds free weekly draw tickets for the saving you already do.
Your projection
$60,549
in 20 years
That's about $12,549 of growth on top of the $48,000 you put in.
- What you put in
- $48,000
- Growth
- $12,549
- Future value
- $60,549
Along the way
- in 5 years
- $12,688
- in 10 years
- $26,886
- in 15 years
- $42,773
How we calculate this
We grow your starting balance and add your monthly amount at the end of each month, compounding the rate monthly. The longer the timeline and the higher the rate, the more of the total comes from growth rather than your own deposits.
Numbers are rounded and meant as a guide, not financial advice or a guaranteed return. Your real account may compound daily or pay a different rate, and savings rates change over time.
Rate benchmark: the Bank of Canada policy rate (2.25% as of June 2026). Everyday savings-account rates vary, so check your bank’s current rate.
How does compound interest work?
Compound interest is the interest you earn on both your original money and the interest it has already earned. Each period, the growth gets added to your balance, and the next period earns a return on that larger amount. Over a few years the effect is small. Over a few decades it adds up, which is why starting early helps more than adding a bit more later.
The calculator assumes your contributions arrive at the end of each month and the rate compounds monthly, so the real result is usually a touch higher. The growth here is your own account’s. Lodavo makes the saving itself more fun: every week you keep it up earns free tickets in a weekly draw, so a long savings plan has something to look forward to in the short term too.
Frequently asked questions
What is compound interest?
It's the interest you earn on your starting savings plus the interest already added to them. Because each period's growth earns its own return next period, a balance grows faster the longer it sits. A one-time amount grows on its own; adding a little every month grows it faster.
How much will my savings grow with compound interest?
It depends on four things: how much you start with, how much you add each month, the rate, and how many years you leave it. For example, $200 a month for 20 years at 2.25% grows to around $60,000, with roughly $12,500 of that being growth on top of the $48,000 you put in. Change the numbers above to match your own plan.
What interest rate should I use?
Use the rate your own account pays. If you are not sure, a common Canadian benchmark is the Bank of Canada policy rate, 2.25% as of June 2026. Everyday savings accounts often sit around that; longer-term investment accounts can differ a lot, so enter the figure that matches where your money actually sits.
Does Lodavo pay interest or hold my money?
No. Lodavo is a prize-linked savings app, not a bank. It never holds, moves, or touches your money. You save in your own Canadian bank account and earn whatever interest that account pays, and Lodavo turns consistent saving into free tickets in every weekly draw.
Is this different from the savings goal calculator?
Yes. This one starts from what you save and shows what it could grow to. The savings goal calculator works the other way: you enter a target and it shows how much to save each month, or how long it will take. Use whichever matches the question you have.
Keep going
Canada’s first prize-linked savings app
Your money grows. Lodavo makes saving it more fun.
Every week you keep saving earns free tickets in a draw where you can win up to $10,000. The same savings, with a real shot at a prize on top.
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