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Savings Calculator




Advertisement Receive a Savings Bonus of 0.60% p.a. on top of the standard variable rate when you set up a monthly Automatic Savings Plan of $200 or more.
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Savings Calculator information

The Saving Plan Calculator calculates the total accumulation in a savings account, at the regular deposit frequency requested, in respect of the savings plan parameters entered, namely initial amount, regular deposit amount, term and interest rate.

Calculator Assumptions

Length of Month

As done in most financial calculators, all months are assumed to be of equal length. In reality, many savings accounts accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Deposit and Interest Compounding Frequency

The calculator assumes that deposits and interest crediting occurs at the same frequency. This frequency is an input parameter entered by the user - namely monthly, fortnightly or weekly.

Rounding of Time Saved

The time saved is presented as a number of years and months, for all available repayment frequency options, namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.

Rounding of Amounts of Total Accumulation and Interest Earned

The amounts of total accumulation and interest earned are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.

Savings Interest Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
TeleNet Saver (6 month intro rate - apply by 9 June 2012) 5.65 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.