Updated on May 17, 2021
Use our online savings calculator to calculate how much compound interest and savings you can accumulate over time from an initial contribution and regular ongoing deposits.
Savings Plan & Compound Interest Calculator
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Savings Calculator FAQs
You can calculate your savings using the InfoChoice savings calculator. Enter your savings account interest rate. Your savings account should not have fees and charges. Your savings plan should be based on your objectives and financial situation. You may like to get financial advice or see a financial counsellor who can help you with managing financial products like credit cards, home loans, other loans and can assist with product disclosure statements, financial services guides and the terms and conditions of various loans and accounts.
How much you save each month depends on your savings plan, your savings objectives, your income, expenses and lifestyle. If you currently have financial products like loans and credit cards, your savings plan will be imapcted.
Interest on savings accounts is almost always a variable interest rate based on the current RBA official interest rate or the funding requirements of the financial institution. Savings accounts usually do not have fees and charges. Term deposits are a different kind of savings account and feature a fixed interest rate and a fixed term. Interest on at-call savings accounts is either calculated daily, weekly or monthly and paid monthly. Savings accounts that calculate interest daily often pay more interest over time.