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Savings interest calculator
Use our free savings calculator to see how much interest you could earn. With savings account rates now above 5%, it's a great time to earn some extra interest.
The savings calculator is a model, not a prediction, and these results should be used as an indication only. It does not predict things that may change the savings amount e.g.: change in interest rate, change in savings frequency.
The savings calculator above has the following assumptions:
Interest earned is reinvested back into the account
The interest rate is unchanged for the savings period
Interest compounds monthly
Each year is divided into 12 months of equal length, and you make regular savings payments at the start of each month.
How do I calculate interest on my savings?
The money in your savings account benefits from compound interest to help it grow. This means you will earn interest on your interest.
For example, let's say you had a balance of $100,000 in your account with a savings interest rate of 5.00% p.a. The 5.00% p.a. rate will be applied to your balance which results in $5000 interest. However, this is an annual rate, while savings accounts pay interest monthly. So, dividing the annual amount of interest earned by 12 leaves you with $416.66 in interest for the first month.
Now, let's pretend that you don't add any more money into the account other than your initial $100,000 deposit. Going into month 2 you now have a balance of $100,416.66. When calculating your interest for the month, the rate is applied to your whole balance (including the interest payment!). This time, your monthly interest payment is $418.40 - slightly more than in month 1.
This continues month on month, and as you're earning more interest each month, your balance is getting bigger. Because your balance is getting bigger, you're earning even more interest.
Compound interest allows you to grow your money without even depositing anything extra. However, by making regular additional deposits yourself you'll also be increasing the amount of interest you earn each month.
Current savings account interest rates
Motivated to start saving? Take a look at the current rates on offer.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Simple interest is different to compound interest, because it only calculates interest on your initial deposit. With simple interest, you can't earn interest on your interest so your balance will not grow at nearly the same rate. Term deposits work on simple interest.
How much interest you can earn depends on the interest rate offered by your savings account. The best savings rates currently are around 5% p.a.
Let's say you saved $50,000 for 12 months at a 5.00% interest rate. If you made no further deposits to the account and held the month there, in 12 months you'd earn $2,558.09 in interest.
It's a good time to be looking at savings accounts as the interest rates are all going up. You can compare high interest savings account rates to find which account will offer you the most interest, based on your savings style.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
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You may compare high-interest savings accounts using our comparison table. Once you’ve chosen a provider, you may click the “Go to site” button to be redirected to the bank’s official website to get more details or start your application.
Please make sure though to read the eligibility criteria, features, and details of the account, as well as the relevant PDS/ T&Cs of the account before making a decision and consider whether the product is right for you.
My wife invested 0n 08.05.2002 the sum of $A600,000 in a term deposit for 90 days with the
interest of 4.13%.She died shortly after, before the expiry of first maturity period.
The money remained with the Bank until now. What is the value of the investment now?
I need your answer to claim the money from the Australian Bank.
Your answer will be appreciated.
Sever
Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.
With regards to this matter, it would be nice if you can coordinate this directly with the bank. As they have the specific access to your wife’s account. This way, they can further check the information for you and provide the current status of the account.
I’m afraid we don’t have that data as of this time. However, what you can do is compare term deposit accounts and once you’re done comparing, you can then get in touch directly with your chosen bank and ask them directly for a historical interest rates record.
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Looking for a high interest savings account.
Hi Adrian,
Thank you for getting in touch with Finder.
You may compare high-interest savings accounts using our comparison table. Once you’ve chosen a provider, you may click the “Go to site” button to be redirected to the bank’s official website to get more details or start your application.
Please make sure though to read the eligibility criteria, features, and details of the account, as well as the relevant PDS/ T&Cs of the account before making a decision and consider whether the product is right for you.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
What is my credit score ?
Hi Elizbeth,
Thanks for leaving a question on Finder.
You may refer to our step-by-step guide to getting your free credit score with Finder.
Please send me a message if you need anything else. :)
Cheers,
Joel
My wife invested 0n 08.05.2002 the sum of $A600,000 in a term deposit for 90 days with the
interest of 4.13%.She died shortly after, before the expiry of first maturity period.
The money remained with the Bank until now. What is the value of the investment now?
I need your answer to claim the money from the Australian Bank.
Your answer will be appreciated.
Sever
Hi Sever,
Thank you for your inquiry.
Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.
With regards to this matter, it would be nice if you can coordinate this directly with the bank. As they have the specific access to your wife’s account. This way, they can further check the information for you and provide the current status of the account.
I hope this information has helped.
Cheers,
Harold
History of Banks term Deposit Interest Rate since 1992?
Hi JimP,
Thank you for your inquiry.
I’m afraid we don’t have that data as of this time. However, what you can do is compare term deposit accounts and once you’re done comparing, you can then get in touch directly with your chosen bank and ask them directly for a historical interest rates record.
I hope this information has helped.
Cheers,
Harold