Interest for a 4-year-old's savings at 2 in 100 a week
Saving $1.60 a week, a 4-year-old has $83.20 after a year, or $144.03 if a parent pays 2 in every 100 each week: $60.83 of interest.
$1.60 a week at 2 in 100 a week
| After | Saved, no interest | Saved with interest | Interest earned |
|---|---|---|---|
| 13 weeks | $20.80 | $23.49 | $2.69 |
| 26 weeks | $41.60 | $53.87 | $12.27 |
| 52 weeks | $83.20 | $144.03 | $60.83 |
$1.60 is the save jar of a 4-year-old's allowance at one dollar per year of age, split 50/40/10. Interest is added weekly on the balance.
What it costs a parent
- About $60.83 over a year for this one child.
- High weekly rates make the effect easy to see but get expensive, so many families cap the balance that earns interest.
Weeks to a goal
| Goal | No interest | With 2 in 100 a week |
|---|---|---|
| $50 | 32 weeks | 25 weeks |
| $100 | 63 weeks | 41 weeks |
| $250 | 157 weeks | 72 weeks |
TaskFamily's savings jar pays the interest rate you set, every week, so children see their balance grow and their goal date move closer.
Free for one household. Premium is $5.99 a month or $49 a year for the whole family, never per child.
Keep reading
Every amount is worked out with the same functions as our allowance and savings goal calculators. Rules of thumb, not advice on what to pay. The guide text is drafted with AI from these numbers and checked automatically before it is published.