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Home / Banking / Calculators / Savings Calculators / Term Deposit Calculator

Term Deposit Calculator

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Estimate how much interest you will make with our simple term deposit calculator. Maximise your savings with a term deposit, calculate how much you can make on your monthly interest and at maturity. Use our term deposits calculator to adjust your initial deposit amount, investment term and interest rate to estimate the interest you could earn.

Term deposit calculator savings

Investing in term deposits are an effective way to earn interest on your savings. Term deposits use a fixed interest rate and investment terms can range from three months up to five years.

Savings from a term deposit are generally higher than savings accounts, however, they have less flexibility. A term deposit offers fixed returns, making the term deposit calculator more accurate in estimating your returns.

Check Northern Inland's term deposit rates here.

Advantages of term deposits

  • Term deposit rates are usually higher than interest rates on savings accounts for the same balance
  • Interest rate is determined by the size of your deposit - a large deposit gives you a higher interest
  • Fixed interest rates allow you to accurately calculate your future returns
  • If you automatically reinvest interest earned you will earn compound interest

Disadvantages of term deposits

  • Term deposits usually require a minimum deposit
  • Interest rate is determined by the size of your deposit - a small deposit gives you a lower interest
  • Your funds are not at call

Is a term deposit or savings account better?

It depends on your personal circumstances and your financial situation. Seek independent advice is recommended to determine what suits you best.

Generally speaking, interest rates for term deposits are higher than interest rates for savings accounts. When comparing financial products and determining savings goals you must also consider account keeping fees, details and conditions when making your calculations.

Check Northern Inland's term deposit rates here.

The results provided by the calculator are an estimate only, deposit products are subject to terms and conditions.

This article is general in nature and does not constitute personal advice. Consider your personal circumstances and consider the Product Fact Sheet and the Target Market Determination to see if this product is right for you.