# SAVINGS Function

Returns the balance of a periodic savings by using variable interest rates.

 Category: Financial

## Syntax

### Required Arguments

#### base-date

is a SAS date. The value that is returned is the balance of the savings at base-date.

#### initial-deposit-date

is a SAS date. initial-deposit-date is the date of the first deposit. Subsequent deposits are at the beginning of subsequent deposit intervals.

#### deposit-amount

is numeric. All deposits are assumed constant. deposit-amount is the value of each deposit.

#### deposit-number

is a positive integer. deposit-number is the number of deposits.

#### deposit-interval

is a SAS interval. deposit-interval is the frequency at which deposits are made.

#### compounding-interval

is a SAS interval. compounding-interval is the compounding interval.

#### date

is a SAS date. Each date is paired with a rate. date is the time that rate takes effect.

#### rate

is a numeric percentage. Each rate is paired with a date. rate is the interest rate that starts on date.

## Details

The following details apply to the SAVINGS function:
• The values for rates must be between –99 and 120.
• deposit-interval cannot be 'CONTINUOUS'.
• The list of date-rate pairs does not need to be in chronological order.
• When multiple rate changes occur on a single date, the SAVINGS function applies only the final rate that is listed for that date.
• Simple interest is applied for partial periods.
• There must be a valid date-rate pair whose date is at or prior to both the initial-deposit-date and the base-date.

## Example

• If you deposit \$300 monthly for two years into an account that compounds quarterly at an annual rate of 4%, the balance of the account after five years can be expressed as follows:
```amount_base1 = SAVINGS("01jan2005"d, "01jan2000"d, 300, 24,
"MONTH", "QUARTER", "01jan2000"d, 4.00);```
• If the interest rate increases by a quarter-point each year, then the balance of the account could be expressed as follows:
```amount_base2 = SAVINGS("01jan2005"d, "01jan2000"d, 300, 24,
"MONTH", "QUARTER", "01jan2000"d, 4.00,
"01jan2001"d, 4.25, "01jan2002"d, 4.50,
"01jan2003"d, 4.75, "01jan2004"d, 5.00); ```
• To determine the balance after one year of deposits, the following statement sets amount_base3 to the desired balance:
```amount_base3 = SAVINGS("01jan2001"d, "01jan2000"d, 300, 24,
"MONTH", "QUARTER", "01jan2000"d, 4); ```
The SAVINGS function ignores deposits after the base date, so the deposits after the reference date do not affect the value that is returned.