MMB Ultimate Interest Rate Tracker Calculator (Revised 2026)

😊 Originally created 20 years ago, last refreshed in 2026! No AI utilized! 😎

Considering transferring your funds to a different bank for a better interest rate? Each month, I analyze the high interest rates available for cash deposits. Large banks and corporations reap billions from your idle cash while it earns you nothing.

For instance, if you have $10,000 in a savings account earning 3.00% APY, you may wonder if moving it to one offering 4.00% APY is beneficial. Utilize this convenient calculator to determine how much more you could earn by switching, allowing you to assess the time and effort involved.

My Money Blog Ultimate Rate Chaser Calculator

Notes

1. The calculator uses a formula for rate-chasing breakeven time developed long ago (2006!), which accounts for “days of lost interest” during the transfer between banks where funds are not earning.
2. The formula employs APR instead of APY, as APR does not consider compounding frequency. Most online savings accounts compound daily. I also created a separate APY to APR calculator. I typically assume daily compounding so that you can input APY directly. Note that a few accounts may compound monthly, but those are often with megabanks offering minimal rates.
3. Typically, transferring balance incurs 0-3 days of lost interest, which varies based on bank policies and who initiates the transfer. This can significantly affect the breakeven duration, especially when the rate difference is minor.
4. The six-month estimate (182 days) isn’t simply six times the one-month value (30 days), as the calculator considers the initial time needed to “break even”.
5. Consider how stable the current rate difference might be. Savings account interest rates can change at any moment, while certificates often provide a fixed rate during the guaranteed period.

Last updated on 2/16/26.