Savings calculator - calculate interest on your savings
Easily calculate your savings and how much interest you will earn using our savings account calculator. You can include an initial deposit, interest rate, regular deposits and a time period to estimate interest earned, including compound interest.
Using a savings calculator assists you to predict how much money you can save and help you create savings goals. Adjusting the investment values will help you determine the effect of saving that extra money each week has on interest returns in your savings account.
Consider the Product Fact Sheet and the Target Market Determination to see if this product is right for you.
Other factors to consider with your savings account
A savings calculator can help you estimate how much interest you will earn based on an initial deposit and regular payments. Most savings accounts come with online banking and a connected debit card.
However, other factors such as your personal circumstances, fees and assumptions around interest rates need to be factored into your financial decisions.
Interest rates change over time, be sure to estimate what might happen if interest rates change and how much it will affect your interest. An interest rate increase will help you reach your savings goals sooner, where as a decrease to interest rates will negatively affect how much interest you make with your savings account.
Some savings accounts will give you a base interest rate and a bonus interest if you meet certain conditions. Check the details of the savings account you are considering and compare the savings amount based on different scenarios and your ability to meet the requirements.
Fees and other charges
A savings calculator can help you make an important financial decision either now or in the future. Make sure to check if there are any account keeping fees so you can more accurately predict things with your calculations.
This article is general in nature and does not constitute personal advice. Consider your circumstances and read terms and conditions before making a decision on whether a product suits your needs.
Seek professional financial advice to determine what best suits you. Consider the Product Fact Sheet and the Target Market Determination to see if this product is right for you.