Refer to your statement or bank information to determine what the APY is for the savings account. If you are looking for a good interest on a savings account, be aware that private banks can set their own rate, so you shop around.

Multiply the sum in the savings account by the APY to get the total annual interest that the sum would earn, including compounded dividends each month. For instance, if you were to put $5,000 in a savings account with a 3.25 percent APY, the annual yield would be $162.50.

Quickly calculate the total amount that would be in an account at the end of the year by multiplying the original sum by 1 plus the interest rate. In this example, you would multiply $5,000 by 1.0325, meaning at the end of the year you would have $5,162.50 in the savings account.